Amitabh Bachchan’s investment in cryptocurrencies has to lead to an enormous rise in his fortunes. The worth of the stock that Big B with his son Abhishek Bachchan had invested has now seen a return in the form of $17.5 million in just about two years.
The “Bollywood Badshah” — Mr. Amitabh Bachchan — and his family have benefitted greatly from the bitcoin boom. The superstar and his son Abhishek Bachchan had invested $2,50,000 (approximately Rs 1.6 crore) in May 2015 in Meridian Tech Pte. Meridian Tech is a Singapore based firm which is founded by Venkata Srinivas Meenavalli. At that time of buying shares in the company, Ziddu.com (one of Meridian Tech’s prime assets), was classified as a “cloud storage startup”, but in this year in December 2017, it has been acquired by another overseas company LongFin Corp just 2 days after the latter’s listing on NASDAQ.
The father-son duo had initially invested their $ 250,000 in Meridian-Tech-Pte, a Singapore based firm run by Venkata-Srinivas-Meenavalli. Very recently Meridian’s prime asset Ziddu.com, which at the time of the Bachchans investment was a “cloud storage and e-distribution startup”, was taken up by another Meenavalli backed overseas firm called the LongFin Corp. LongFin Corp is a U.S based company that provides finance in addition to prevarication solution to “importers and exporters crosswise the globe, power-driven by fake aptitude as well as machine learning”. LongFin Corp has gotten listed on the NASDAQ, which in turn resulted from its stock to rocket up to 1000 percent last week. “In lieu of their holding in Meridian Tech, Bachchans received 250,000 shares of LongFin subsequent the asset purchase,” the Economic Times quoted Meenavalli.
At the time of taking up, Ziddu was working as a Bitcoin technology to provide empowered solutions and which offered microfinance using cryptocurrencies across continents as this is most important ever to a number of people who are well-known to this.
Bitcoin is the medium of digital cash that is taking the finance industry by storm. Bitcoin is part of the cryptocurrency fever that is currently being used to make the peer-to-peer transaction. Always digital, and decentralized in nature, cryptocurrency is unregulated by any one agency or bank. It is a series of transactions that is visible to all peers and has to be broadcasted across the system and verified by all peers to keep the balance of the system. After the transaction between the peers is signed and accounted for the transaction is set in stone. This is basic p2p technology.
Worldwide banks are now in the process of adapting to the bitcoin rush and the cryptocurrency fever that is so very revolutionary and digitally empowering that it is making inroads in money remittance and lending services that IMF MD Christine Lagarde has warned banks that they would have to deal with the cryptocurrency impact very soon. The RBI, on the other hand, is wary of dealing with non-fiat currencies. The RBI is soon launching a fiat cryptocurrency and is looking into this aspect of the transaction at the moment.
