Elon Musk, the CEO of Tesla, recently disclosed his investment in cryptocurrencies like Bitcoin, Ethereum, and Dogecoin. Now, another well-known figure is planning to boost his holdings of this digital asset.
No other than Sarath Ratanavadi Thailand's second-richest person and the CEO of the energy corporation Gulf Energy Development.
According to reports, the Thai billionaire indicated that his company is thinking about investing in cryptocurrencies to increase profits. As the market as a whole has "great potential" for growth, he is reported as predicting that the Blockchain technology platforms and cryptocurrencies will be the major reasons driving the company's strongest returns.
Ratanavadi's newfound interest in cryptocurrencies is being observed at a time when the local government is closely monitoring the crypto market, which has decreased retail traders' trading activities on local exchanges.
It is important to note that there are other companies on the list than Musk and Sarath Ratanavadi that have expressed interest in cryptocurrencies. These include the software developer MicroStrategy, the tech giant Block Inc., and the Chinese photo app developer Meitu.
Will Ratanavadi launch a cryptocurrency exchange in Thailand?
It should be noted that Thailand's retail trade market is currently not in the best of shape. As per sources data, a drop in cryptocurrency prices coincided with a dip in the number of active trading accounts, which fell from 692,000 in January to 260,000 in July.
According to insiders, Ratanavadi claimed he is actively looking for permits in order to launch a cryptocurrency exchange in Thailand in collaboration with Binance.
Apart from cryptocurrency, which stocks does Elon Musk hold?
Worldwide interest in the cryptocurrency industry is surging, which is why more and more nations are enacting legislation to ensure ethical business activities. However, it appears that the biggest corporations in the world have begun making modest investments in the cryptocurrency market after gauging their prospects.
In addition to cryptocurrencies, American businessman Elon Musk has expressed interest in lithium and nickel stocks. Recently, Musk also penned a contract with a lithium company that is listed on the ASX. The popularity of electric vehicles has increased demand for these two components used to make batteries.
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Topic: Billionaires Elon Musk and Sarath Ratanavadi are now Investing in Cryptocurrency (Read 462 times)