Gulf Energy CEO Sarath Ratanavadi stated that while the crypto market cap has dropped from its November high, the market is “still solid” and has “high potential” for growth.
Thailand’s second-richest person said he plans to increase his crypto-related investments in the coming months, despite local government scrutiny and declining participation from individual investors in local exchanges.
Gulf Energy to Increase Investments in Crypto Sector
Sarath Ratanavadi, CEO of power company Gulf Energy Development, said in an interview that his company plans to invest more in the crypto industry to create additional resources to boost its earnings.
Ratanavadi said they will take a similar stance to the policies adopted by businesses elsewhere in the world that have increasingly turned to cryptocurrencies to boost their revenues over the past few years. Some of these firms include business software maker MicroStrategy, which has invested billions of dollars in Bitcoin, electric car maker Tesla, tech conglomerate Block, and Chinese photo app firm Meitu.
Sarath Ratanavadi said on the subject:
“Blockchain technology platforms and cryptocurrencies will be “key drivers for the company to deliver its strongest returns” as the overall market remains strong and has “high potential” for growth.
Data from the Thai Securities and Exchange Commission showed that the number of active accounts fell from 692,000 in January to 260,000 in July, to coincide with the decline in crypto prices. showed that it fits. In addition, the bear conditions in the market caused a decrease of approximately 70 percent in the market.
However, Ratanavadi was unaffected. He also said that his company plans to open a crypto exchange in Thailand in partnership with crypto exchange Binance and is actively seeking licenses.
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