City of Wenzhou is a prefecture-level city in southeastern Zhejiang province in China and investors there love the blockchain company EOS. Investors from the region are usually nicknamed “Wenzhou Gang” and have been aggressively investing in real estate across China and all over the world. Investors from Wenzhou have been stereotyped by other Chinese as real estate speculators. China Daily notes that investments from Wenzhou buyers play a disproportionately large role in the increase property prices all over China. The people of Wenzhou are equipped with business sense and a commercial culture more dominant than anywhere else in China. Wenzhou has two economic characteristics: it was the first to launch a market economy, and it has the most active and developed private economy in China.
Mr. Yang Linke who co-founded Bitcoin China is a native of Wenzhou. Now Wenzhou investors have found a brand new opportunity of investing. They are looking at opportunities with EOS and other cryptocurrencies. EOS broke the previous high of US$9.1 and reached US$11.56 today, the main reason is that the demand is far greater than the supply, so there will be constant funds to push the price of the currency. EOS Wenzhou is one of them, and Mr. Zhang Shengmao is an important promoter of EOS Wenzhou. Mr. Zhang Shengmao said: “Now I don’t think about anything else, we must grab this opportunity. If we have missed the dot com opportunity, we can’t miss the blockchain. It doesn’t matter if I fail. At least Wenzhou people would know the blockchain, EOS. , also let the outside world know that Wenzhou is still keeping up with the trend of the times.”
According to conservative estimates, “Wenzhou Gang” has more than 70 million EOS. As of 11:00 am on April 20, the total market value of these EOSs was RMB 4.4 billion yuan, based on the price of about RMB 63 yuan per EOS.
EOS is a decentralized operating system that can support industrial-scale decentralized applications. EOS raised $185 million during their ICO in summer of 2017 and is valued at a $9.4 billion market cap today. Developers praise the system for its scalability, flexibility, usability, governance, parallel processing and decentralized operating system. EOS is founded by Brendon Blumer, who has been involved in blockchain since 2014, and its CTO is Dan Larimer, a technology genius and the man behind BitShares and Steem.
As China continues to enforce its ban on cryptocurrency trading activities, more and more Chinese investors will are seeking opportunities overseas. Investors from Wenzhou are expected to attend 2018 US China Blockchain and Digital Currency Conference in Los Angeles on August 22, 2018.