Li Jia sung invests more money to BitPay

[best-miner.com]

In spite of the serious policy ,the Asian richest man Li jia sung doesn’t lose his confidence in digital currency .Recently ,he invests more money to bitcoin .
Li jia sung adds his investment to BitPay through his company -- Horizons Ventures.
BitPay has raised 30million dollars through Round A financing before .
With the encouragement from Li jia sung ,Tony Gatsby ,the united founder as well as the CEO of BitPay States that bitcoin is a payment system without national boundaries .From commercial society angle ,bitcoin is close to the critical point .
Gatsby claimed :Other payment technology such as ATM card exists high –fee and risking problem ,while bitcoin was born as Internet development ,providing low-cost and low-risk for business .
The spokeswoman from Li Jia sung ‘s company said :We will not comment to any trade or rumor .
Recently ,bitcoin global price has decreased by three-forth .People’s bank of China has announced to strengthen bitcoin administration .The report from American government shows if China continue to strengthen bitcoin limited measure ,bitcoin price may decrease constantly .

Remaks: Due to language difference, sometimes people out of China can’t know what happened in China quickly. so we are here to make effort to change little, we will translate 3-4 bitcoin news in China to English everyday to help people out of China know what happened and what people thinks about bitcoin in China, If somewhere translate not that good, pls PM us so that we can  correct it.
Source http://www.yibite.com/article-3301-1.html

[DobZombie]

Why is BitPay raising all this money?

Don't they makes enough money already?

[a7594li]

I think they are just starting it.

[LiteCoinGuy]

think so too.

[rjcesq]

As someone mentioned in another post, they need a lot of working capital to cover daily cash out. If a merchant gets paid in bitcoin and wants payment in $, Bitpay doesn't go sell that bitcoin immediately and then pay the merchant, they pay the merchant then have to go sell the bitcoin. That mean working capital to cover the outflow.

Additionally, they have been growing and spending like crazy. They are at every conference, opening up international offices, hiring dozens of people,  buying ads, etc. All that takes additional funding.

[kokojie]

Why is BitPay raising all this money?

Don't they makes enough money already?

You can never have enough money to:
* buyout/acquire competition
* develop new products
* invest in something
* rainy day fund

[franky1]

what you should realise is the massive benefit.

old scenario.
bitpay receives bitcoins and sells them ON EXCHANGES to get dollars to cash out for recipients.

new scenario.
bitpay recieves bitcoins and NEVER goes to an exchange, but instead uses that asian guys dollars for recipients. and hands the bitcoin privately  to the asian guy to hoard as a return of his investment.

this is how 'whales' buy into bitcoin without taking a bite in one go out of exchanges or manually drip feeding small payments on exchanges..
thy simply privately invest into companies and receive bitcoins. to ensure a steady and comfortable rise in price without the manual labour of exchange nibbling

the ripple effect is this:
less bitcoins being sold, meaning more opportunity for a price rise without all of those old scenario sell offs keeping the price down.

[Bit_Happy]

Why is BitPay raising all this money?

Don't they makes enough money already?

You can never have enough money to:
* buyout/acquire competition
* develop new products
* invest in something
* rainy day fund

I had the same question, and these are good answers. Perhaps they have plans to expand beyond their initial features?
Still $30 Million seems like a lot, so let's hope they manage it well.

[AtomicDoge]

One way or another the Chinese will take over America. China is the biggest investor in the USA already.

[freshprince]

Breaking news: China is the biggest investor in the USA already, followed by Saudi