Sarath Ratanavadi, the second richest person in Thailand, announced that he will double his cryptocurrency investments. Former Binance Coin investor is confident in the future of Blockchain ecosystems.
Thai energy billionaire expands crypto portfolio
Gulf Energy Development, owned by Sarath Ratanavadi, plans to dedicate some of its earnings to the cryptocurrency market. A Bloomberg report yesterday showed that Ratanavadi’s company will invest in Blockchain networks to diversify its portfolio. The investment decision comes despite the general market crash and the tough approach regulators have taken towards the industry.
Binance Coin billionaire’s decision comes in the middle of crypto winter
According to recent reports from Bloomberg, the Thai billionaire aims to keep his company finances close with cryptocurrencies. Specifically, he is willing to invest some of the business’s revenue resources into Blockchain products to diversify. The CEO also announced that Gulf Energy Development is collaborating with Binance and has applied for permission to set up an exchange in Thailand. The company hopes that Ratanavadi’s prediction that cryptocurrencies will be important to future operations will help him become the market leader in the country.
Ratanavadi’s desire to increase his cryptocurrency investments comes amid the general market downturn and macroeconomic difficulties. For example, Bitcoin is currently holding at around $20,000, down 79% from its all-time high in November 2021.
Meanwhile, Thailand had around 700,000 active cryptocurrency trading accounts in December. However, that number has since dropped to about 260,000. One of the reasons for this is the reaction of local regulators towards the crypto market right. Thai authorities banned the use of cryptocurrency as a payment method earlier this year.
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