I recently came across Guo Hongcai's story and thought it was worth discussing. This guy was born in 1983 in Pingyao, Shanxi. His college entrance exam scores were disastrous—only 300 points—but he was incredibly sharp and dared to apply to Tsinghua University. After failing to get in, instead of feeling down, he headed north alone, rented a small room in Tsinghua's Zhaolan Courtyard, and listened in on lectures while pondering how to make money. This kind of persistence shows that he's not an ordinary character.

In 2013, Guo Hongcai encountered Bitcoin, back when Garage Coffee was just a startup incubator. Later, someone came to talk about blockchain—this guy was the future Li Xiaolai. Although some online critics said his style resembled multi-level marketing, it’s undeniable that the group he spoke to later made money. This process broadened Guo Hongcai’s horizons, and in 2014, he officially entered the crypto world.

That year, Bitcoin experienced a major crash, which was disastrous for many, but for Guo Hongcai, it was an opportunity. He took the chance to buy a large amount of Bitcoin and invested in building what he claimed was the world's largest Bitcoin mining farm in Inner Mongolia. At that time, the electricity cost to mine one Bitcoin was about 5,000 yuan, and that year, the farm produced 100 Bitcoins. This decision shows that Guo Hongcai has a solid understanding of market cycles.

However, stories in the crypto world are always a rollercoaster. In 2015, a bear market hit, blockchain summits had no attendees, countless retail investors went bankrupt and left, and the market was in chaos. But Guo Hongcai didn't give up—instead, he used this time to watch movies and learn English, continuously upgrading himself. In 2016, he was invited to attend the Davos Forum, where he wore a T-shirt and slippers among suited financiers, speaking in English about Bitcoin, blockchain, and fintech—an impressive scene that stunned everyone.

In 2017, the crypto market started to recover, and Guo Hongcai finally saw the spring. In August, he launched a live broadcast with 100,000 viewers, recounting Bitcoin’s development history and inspiring his followers’ faith. The gifts from viewers flooded in. In September, China issued a ban, and he launched the "China Tour" to help investors establish correct investment views.

But 2018 was less fortunate. In the first half of the year, the market fluctuated wildly, with insider trading and project pump-and-dump schemes making the crypto scene more chaotic than the entertainment industry; in the second half, prices plummeted, big figures’ images crumbled, projects ran away, and investors got wiped out. Guo Hongcai was no exception. In August, a video of him drunk and revealing truths went viral—admitting he was cut out, saying he repeatedly bought the dip in the bear market, losing 400 of his 600 Bitcoins. At that moment, many realized that even seasoned players like Guo Hongcai couldn’t escape the market’s slaughter.

After 2020, having experienced multiple bull and bear cycles, Guo Hongcai gradually adjusted his strategy, shifting more focus to assets like Ethereum. His story is essentially a microcosm of the entire crypto scene—full of opportunities, risks, persistence, and failures. But those who stick around until now have mostly made money.