Thailand’s second-richest person plans to increase his crypto-related investments in the coming months despite scrutiny from the local government and falling participation from retail traders on local exchanges, Bloomberg reported.
Sarath Ratanavadi, CEO of power company Gulf Energy Development, told Bloomberg in a Wednesday interview that his company plans to invest more in the crypto industry to create additional sources for earnings. Blockchain technology platforms and cryptocurrencies will be “key drivers for the company’s strongest returns” as the overall market remains sound and has “high potential” for growth, he said.
Ratanavadi will be following a path blazed by businesses elsewhere in the world that have, in the past few years, increasingly turned to crypto to bolster revenues. Firms taking the plunge include business software maker MicroStrategy – which has invested billions of dollars in bitcoin – electric-car maker Tesla, technology conglomerate Block and Chinese photo application firm Meitu.
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