Bitcoin Investors Based in UAE Triangulates Future market for Bitcoin
Oct 30, 2017 Posted / 1694 Views
More Than 70% of the investors interviewed by gulf news had a history in finance, either as a carrier or as an investor. Some of the investors just joined the market and trying to catch up with the trending industry while others have been in the market for a couple of years with well established market bases and methodologies. Rohan Advani a finance professional in dubai featured on a Gulfnews interview recently and told the reporter that, he invested in Bitcoin Because his son in law a Bitcoin Trader in Australia inspired him. On the possible risks he could be plunging himself into by investing in Bitcoins Mr. Rohan said,
“ The world currently seeks an alternative for the dollar, gold and Bitcoin are the only true best alternative to the dollar since they are beyond government regulations and control. He continued by saying “Bitcoin and Gold has no politics attached to them since the government has no direct regulations on them”
However not all the investors showed a high level of optimism about the future of Bitcoin with some investors opting for a controlled volume of investment should Bitcoin prices falls. Mr. Henry Cavalho a financial Executive based in abu Dhabi highlights that it’s still very risky to invest in Bitcoin Currently but believes that within 10-15 years Bitcoin will be much stable. Henry however hints that Bitcoin will become pretty expensive by then but says it will be profitable still be profitable. Henry believes that with the current demand versus supply pattern of Bitcoin, the prices of Bitcoin in 10 to 15 years will hit a mind blowing $500,000 which would mean Bitcoin price could multiply more than 100 fold. A couple of the investors believes that Bitcoin could crash anytime causing massive loss in pre invested capital. The investors say Bitcoin might not see prices beyond the current heights Bitcoin has reached.
How the UAE sheikhs Rulers Take Bitcoin
Bitcoin still up to date has no legal status in the United Arab Emirates, the governor of the central Bank of UAE, Mubarak Rashed Al Mansouri referred to Bitcoin as a tolerated practice. This implies that Bitcoin is still illegal under the financial framework of the UAE but the central bank does not want to put any restrictions on its circulation in the country. Earlier this year Bitcoin was prohibited by the Central Bank of the UAE under its new law which prohibited virtual currencies or transacting it it. Whether the UAE will put up a regulation on cryptocurrency is still unknown as there is no attempt so far to do so.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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