Shaan Puri, who was the CEO of now-defunct social networking platform Bebo between 2017–2019, has invested 25% of his capital in Bitcoin, according to his announcement on Twitter today.
“I have moved 25% into Bitcoin,” he said.
Puri cited the recent influx of institutional investors and Bitcoin’s latest price rally (which looks to be scaling down a bit in the last few days) as the main factor for his investment.
“I think it’s a rare opportunity to front run a wave of institutional capital that will come into btc in the next 2 years,” Puri explained, adding, “And I think people think this time it hits $20k is ‘just like last time’ but it’s not for many reasons!”
As previously reported, institutional investors are indeed flocking into the crypto sphere recently. Platforms that support institutional investors, like Grayscale, have seen massive inflows of Bitcoin over the last six months.
Strategists at JPMorgan Chase & Co have asserted that, thanks to attention from big investors, Bitcoin has started—and will likely continue—to cut into gold’s value.
Shaan Puri was appointed as Bebo’s CEO in 2017, long after the firm went bankrupt in 2013. Prior to that, the platform was acquired by AOL for $850 million in 2008, and less than two years later—by Criterion Capital for $25 million.
After Bebo filed for bankruptcy in 2013, its original founders bought the platform back for $1 million and vowed to reimagine it. This task was finally delegated to Monkey Inferno, a small team that Puri led. In 2014, it revealed Blab, a ‘video walkie-talkie’ service that similarly failed to gain any long-term traction in the end. In 2017, Puri became Bebo’s CEO.
In 2019, Bebo changed hands yet again. In a bid to reinforce its e-sports initiatives, steaming platform Twitch (owned by Amazon) purchased the company for $25 million. Since then, Puri has been working as senior director of product at Twitch.
Some commenters noted that Former CEO of Bebo invested in Bitcoin so late, although one noted that “10x on your position is still good!” (It is not known whether Bitcoin will increase or decrease in value).
“It’s good enough for chumps like me!” Puri answered.