Please enter a valid destination email id Investors test the waters by making allocations given high returns and volatility Dubai: Some investors in the region are putting their money where their mouth is. Despite all the warnings from central banks, with a few traditional fund managers calling it a ‘bubble’ or even a ‘fraud’, investors in the region are testing waters by allocating their money to benefit from spectacular returns in massively volatile Bitcoin prices, which gained by more than 19 times last year, and other cryptocurrencies.
A 42-year old engineer, Girish Aidsani, an Indian expat in Dubai, who was running a loss on local share holdings claims that he recovered his money by trading in Cardano, a cryptocurrency, in 15 days. Aidsani, who also trades in Indian stocks, was put off by the lack of movement in shares that he held.
“I was incurring a huge loss on Shuaa, which I bought at Dh1.70. But I recovered that money in 15 days by trading in Cardano.
The best part in cryptocurrencies is volatility, that is a heaven for day traders,” Aidsani told Gulf News. Cardano has gained from $0.02 in October last year to hit a peak of Dh1.25, compared to more than 5 per cent gains in gold, which is also a part of Aidsani’s investment universe, during the same time period, .
And there are other ways to make money. Despite the monetary restrictions imposed by local exchanges, traders are resorting to exchange of cryptocurrencies within themselves due to monetary transfer restrictions imposed by exchanges. Read more from gulfnews.com…
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