In the vast expanse of the internet, some stories take on a life of their own. One such tale involves a college student, a piece of advice about Bitcoin, and a missed opportunity that would later become legendary within the crypto community.
This is the story of Xiaozhuzi, the girl behind that famous Zhihu question from 2011.
The Infamous Zhihu Question and Response
In December 2011, a third-year university student using the pseudonym "Xiaozhuzi" found herself with 6,000 yuan in savings, a combination of scholarship money and personal savings. Like many students, she wondered how to make this money work for her.
She took to Zhihu, China's emerging knowledge-sharing platform, and posed a simple question: "A third-year university student has 6,000 yuan. What are some good investment suggestions?"
Among the various responses recommending traditional investments or self-improvement courses, one comment stood out. A user named "长铗" (Chang Jia), who would later become known as the founder of Babidu (a major Chinese blockchain community), offered unexpected advice: "Buy Bitcoin, save your wallet file securely, and then forget you ever had 6,000 yuan. Check again after five years."
At that time, Bitcoin was trading at approximately $3 per coin, and the cryptocurrency was largely unknown outside of tech circles. The suggestion seemed obscure, almost eccentric.
The Road Not Taken
Xiaozhuzi did follow up on the suggestion to some extent. She researched Bitcoin but found the concept confusing and the technology intimidating. Reports of security breaches and hacking incidents further reinforced her hesitation.
As a risk-averse individual by nature, she ultimately decided against investing in Bitcoin. Instead, she used the money to travel with friends to Hangzhou—a trip she remembers as somewhat disappointing due to allergies and tourist scams.
Meanwhile, Chang Jia was putting his money where his mouth was, investing his entire salary into Bitcoin that same year.
The Bitcoin Boom and Regret
What happened next is well-documented in cryptocurrency history. Bitcoin's value soared from those humble $3 beginnings to nearly $20,000 at its peak in December 2017.
Had Xiaozhuzi followed Chang Jia's advice and invested all 6,000 yuan in Bitcoin at the time, she would have acquired approximately 800 Bitcoin. At the peak of the market, this investment would have been worth over 100 million yuan (approximately $14 million USD).
Even today, after significant market corrections, that investment would still be worth a substantial fortune.
By 2013, as Bitcoin gained mainstream attention and her original Zhihu question went viral, Xiaozhuzi began to understand the magnitude of her missed opportunity. The question became internet famous, with countless users commenting, messaging her, and asking some variation of the same question: "Do you regret not buying Bitcoin?"
The attention became overwhelming. "At first, I replied in the comments section that I didn't buy them and I really regretted it," Xiaozhuzi recalled. "But later, similar comments kept appearing, which became unbearable, so I eventually chose to hide this 'internet-famous question.'"
Coming to Terms with Missed Opportunities
Today, Xiaozhuzi has made peace with her decision. Now working as a product manager at an internet company in Beijing, she has moved on from her famous question and the what-ifs that followed.
"Of course I regret it," she admits openly. "If I had invested even 1,000 yuan at the time, I would have made money. But what I regret more is that I didn't pursue learning about it. If I had communicated with Chang Jia or taken the time to educate myself, my path might have been different."
Yet she maintains perspective on the situation. "Many people only see the result of sudden wealth but don't see the process of effort behind others' success. Those who make money from stocks or cryptocurrencies can do so because they've put in the work behind the scenes."
She points to her personal history: "Besides getting a huge sum from demolition relocation, is there really such a thing as getting rich overnight?"
The Psychology of Missed Opportunities
When asked whether she would make a different choice if she could go back in time, Xiaozhuzi offers a nuanced response: "If it were me now going back, I would definitely buy. But if it were the same me as back then, I think I would make the same choice as seven years ago."
This insight speaks to a fundamental truth about investment psychology: our decisions are shaped by who we are at the time we make them. Our knowledge, risk tolerance, and worldview all influence the choices we make—for better or worse.
Xiaozhuzi recognizes this: "A person's character determines their actions, just like a character's setting in a novel. Their behavior derives from that setting, without much change. If I had taken 6,000 yuan to buy Bitcoin back then, it really wouldn't have been in character for me."
Bitcoin Investment Today
Despite her history with Bitcoin, Xiaozhuzi still doesn't hold any cryptocurrency assets. She engages in some simple financial management practices like P2P lending but hasn't ventured into digital currencies.
"The main reason is that I don't understand it well, and I'm not very interested," she explains.
Her approach reflects that of many cautious investors who prefer to stick with what they know rather than venture into unfamiliar territory—even when that territory has demonstrated extraordinary growth potential.
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Frequently Asked Questions
What was the Bitcoin price when the suggestion was made?
In December 2011, when Chang Jia made his famous suggestion on Zhihu, Bitcoin was trading at approximately $3 per coin. This was before any major bull runs and when cryptocurrency was still largely unknown to the general public.
How much would the investment be worth today?
The 6,000 yuan investment would have purchased approximately 800 Bitcoin in 2011. At Bitcoin's all-time high of nearly $20,000 in December 2017, this investment would have been worth approximately $16 million. Even at current prices, it would represent a life-changing amount of money.
Why didn't she invest in Bitcoin?
Xiaozhuzi researched Bitcoin after seeing the suggestion but found the concept confusing and the technology intimidating. Reports of security breaches and hacking incidents further discouraged her. As a naturally risk-averse person, she decided against investing in something she didn't fully understand.
Does she regret not investing?
Yes, she acknowledges regret about not investing, but she's also at peace with her decision. She recognizes that her decision was consistent with her character and knowledge at the time. She expresses more regret about not taking the opportunity to learn about blockchain technology earlier.
Would she invest in cryptocurrency today?
As of the time of the interview, Xiaozhuzi still did not hold any cryptocurrency assets. She cited lack of understanding and interest as the main reasons. She prefers traditional investments that she feels more comfortable with and can better understand.
What can we learn from this story?
This story highlights several important investment principles: the importance of educating yourself about new opportunities, the role of risk tolerance in decision-making, and the psychological challenge of dealing with missed opportunities. It also demonstrates how early adoption of emerging technologies can sometimes lead to extraordinary returns.
Lessons From a Missed Opportunity
The story of Xiaozhuzi and her famous Zhihu question offers more than just a cautionary tale about missed financial opportunities. It provides insight into investment psychology, the nature of risk, and how we respond to emerging technologies.
While few investment opportunities offer the spectacular returns that Bitcoin provided early adopters, the principles remain the same: education, understanding risk tolerance, and making decisions consistent with one's knowledge and comfort level are all essential components of sound investing.
The story also reminds us that sometimes the biggest opportunities come disguised as obscure suggestions about unfamiliar technologies. While not every emerging technology will transform the financial landscape, maintaining curiosity and willingness to learn about new developments can sometimes reveal extraordinary possibilities.
For those looking to navigate today's complex investment landscape, especially in the cryptocurrency space, 👉 explore comprehensive educational resources that can help you make informed decisions based on your individual financial situation and risk tolerance.