The Chief Executive Officer of Gulf Energy Development, an energy-based company in Thailand, and runner-up to the wealthiest person in the country, the person of Sarath Ratanavadi, announced that his firm is considering bolstering its cryptocurrency holding this year. He made this announcement just as Elon Musk, the founder and CEO of Tesla, made a statement about investing in virtual assets such as Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE).
Sarath Ratanavadi Plans To Invest In Cryptocurrency
Ratanavadi allegedly claimed that his company would take advantage of the crypto market, including the blockchain development ecosystem, at this time to increase its earnings while acknowledging the crypto industry as having possibilities for futuristic enlargement.
Currently, the state of the entire crypto market continues to deteriorate due to the government’s overwhelming involvement in the crypto industry through investigating exchange platforms, causing a retard in a monetary influx into the market. However, Sarath Ratanavadi considers the situation a perfect opportunity to make a move on the market. Some informants reported that the Thailand billionaire is scheming to partner with CZ Binance to obtain a license to establish an exchange platform for cryptocurrency in Thailand.
Not long ago, he had bought BNB to penetrate the Binance block.
Apart from Elon Musk and Sarath Ratanavadi, other CEOs that have also expressed interest in digital currency are MicroStrategy’s CEO Michael Saylor, Meitu’s Cai Wensheng, and Jack Dorsey, the CEO of Block Inc., a tech organization.
Crypto Investors in Thailand Dumped Their Holding
It is worth knowing that over the last couple of months, Thailand has witnessed a massive leg-down of retail investors in cryptocurrency. Over half the number of holders in January sold off their holding before July. According to a report, the number of holders in January was 692,000. Meanwhile, in July, the number had dropped to 262,000. The meltdown happened simultaneously with the market in decline.
The SEC branch in Thailand calculated trading volume had fallen to 54 billion baht, the lowest ever seen since January 2021. This development negatively impacted investors as well as some companies in the country.
Retailers who continued following up on market conditions over the last two months are raising their concerns about what is next for them. Also, the uprising level of volatility in the market is alarming to investors who are finding it uneasy to decide on its moves. Hence, the government and the agencies responsible for regulating virtual currencies are working earnestly to create structures that will facilitate easy trading.
World leading companies are turning their attention to cryptocurrency. And this could lead to an impending surge in asset prices later. Bitcoin seems to be proving its potential as a commodity worth betting money on by the way it is constantly alluring investors like Elon Musk, Sarath Ratanavadi, and many more.