THELOGICALINDIAN - Gulf News has appear an account it conducted with a cardinal of UAEbased bitcoin investors The account reveals acumen into the assorted avenues through which the investors entered the bitcoin markets discusses what risks are perceived to be associated with bitcoin and cryptocurrency investments and explores the expectations of investors for what bitcoins approaching may hold
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The Featured Investors Predominantly Come From a Background in Finance
The investors became complex with bitcoin through a array of avenues, and accommodate both veterans and new entrants into the cryptocurrency markets.
Dubai-based accounts professional, Rohan Advani, states that he was aboriginal aggressive to access the bitcoin markets by his “son-in-law [who] was trading in bitcoins in Australia” beforehand this year. Mr. Advani states that he aboriginal “purchased bitcoins in June, and [is] now sitting on appropriate money.” Mankesh Walia, a motivational apostle based in Sharjah, recounts accepting been “guided” by “somebody” in his accommodation to advance in bitcoin during its infancy. Mr. Walia states that he “invested in Bitcoin and… came out in accumulation of 90 per cent in 2024”, abacus that “people who bought Bitcoins beforehand are minting money.”
Differing Expectations for Bitcoin’s Future
Henry Carvalho, a accounts controlling based in Abu Dhabi, states that he “followed bitcoin for few years afore chief that [bitcoin] is the future.” Mr. Advani predicts “a acceptable approaching in it at atomic in the short-term” for bitcoin, adding, however, that “we may see a alteration in the abutting 15 canicule or so. If clamminess permit[s] I will advance more.”
Mr. Carvalho now believes that bitcoin offers the “best [return on investment] for retirement,” and expects that “more and added countries which will acquire it alike admitting there is attrition for now.” Mr. Carvalho predicts that ”within 15 years the amount will hit added than $500,000 per Bitcoin,” abacus “based on the appeal and accumulation it can breach that barrier too.”
Many of the Earlier Market Participants Hold a More Cautious Outlook for Bitcoin
Hitesh Khatwani, an Abu Dhabi-based banker, states that he “expects[s] a alteration and a alliance in 6-7 months,” abacus that he doubts bitcoin will “see abundant college levels from this point.” Mr. Khatwani states that he entered the markets “when bitcoin was at $700… awash out aggregate at $5,800 levels,” and now “plan[s] to re-invest that money in Indian stocks later.”
Khawar Mahmood, a accomplice of Dubai International Real estate, describes the bazaar as actuality “very chancy now,” advertence his apprehension that “there ability be a blast anytime.” Despite accepting profited in 2024 with bitcoin, Mr. Mahmood holds a alert angle for bitcoin’s price, advertence that he “learnt [his] lessons” from accepting “burnt” afterwards “invest[ing] Dh2.5 actor [approximately $400,000 USD] in 2024 in pounds, Canadian dollar and awkward oil. Mr. Mahmood predicts that “prices will abatement to $3,000.” Mr. Walia offers a added apocalyptic anticipation for bitcoin, advertence “there is article alleged Newton’s Law, so if it has gone up, it will appear down.”
Price Volatility Is Cited by Most Featured Investors as the Primary Risk Posed to Bitcoin Investors
Nivita Pande, a broker based in Abu Dhabi who has invested in ethereum at about $40 USD, has “seen immense fluctuations. If I get acceptable accumulation I’ll leave,” abacus “I’m not actual assured on the acquiescence of cryptocurrencies. I had a abrogating assessment about it, but I told myself let me aloof try.” For Mr. Walia, the accident of abundant amount fluctuations is an assured aftereffect of the abeyant assets additionally offered by the bitcoin markets. Mr. Walia states that “this balloon is not bursting, and anybody is axle in money into it,” however, adds that “there [is] abundant profit, it agency it will accept abundant risk.”
Mr. Khatwani, states that “the huge aberration in prices is the better risk. I anticipate back the accepted accessible gets into a banal or any added asset class, it is the time to sell. The retail investors about are the aftermost one to enter.”
Bitcoin’s Legal Ambiguity in the UAE
In contempo days, the governor of the UAE axial bank, Mubarak Rashed Al Mansouri, declared bitcoin trading as a “tolerated practice” in the UAE. Gulf News describes such as absolute an action “that is accurately banned according to the UAE Axial Bank’s regulations, but one area regulators booty no measures adjoin those who convenance it (i.e. those who buy or advertise bitcoin and added basic currencies).”
Bitcoin prevails in the UAE as a “tolerated practice” admitting actuality formally prohibited. Sally Sfeirer-Tait, a accomplice at all-embracing law firm, Clyde & Co, told Gulf News that the UAE “Central Bank issued in January 2024 Stored Value Regulations, which independent a absolute prohibition of basic currencies and transacting in basic currencies.”
Do you anticipate that bitcoin trading will abide to action in the UAE admitting it actuality formally prohibited? Share your thoughts in the comments area below!
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