Dubai
Rohan Advani, finance professional in Dubai
Why did you invest in cryptocurrencies?
My son-in-law was trading in bitcoins in Australia, so I registered myself, and purchased. I purchased bitcoins in June, and I’m now sitting on decent money. I saw a good future in it at least in the short-term.
Are you aware of risk in such an investment?
The world is looking for an alternative for dollar, gold, and bitcoin is good as an alternative source. It’s a good way as an alternative source. It is not controlled by any government, regulator. It does not have any politics as no government controls it.
Where do you see the prices going?
We may see a correction in the next 15 days or so. If liquidity permitted I will invest more.
Henry Carvalho, a finance executive based in Abu Dhabi
Why did you invest in cryptocurrencies?
I followed Bitcoin for few years and based on how it actually works this is the future. This is a best ROI for retirement and there will more and more countries which will accept it even though there is resistance for now.
Are you aware of the risk of such an investment?
Currently there is a risk. But in 10-15 years time Cryptocurrency will be part of the society and by then it will be pretty expensive to invest though it will still be profitable.
How did you benefit from bitcoins? Where do you see the bitcoin prices going?
I think this will give the best return on investment for the long term.
Within 15 years the price will hit more than $500,000 per Bitcoin. Based on the demand and supply it can break that barrier too.
Nivita Pande, banker based in Abu Dhabi
Why did you invest in cryptocurrencies?
I invested in Ethereum when the price was at Dh1,368. I bought it because my friend asked me to invest into it, and I said why not because I invest in equities, so I thought why not in Ethereum.
Are you aware of risks of such an investment?
I’ve seen immense fluctuations. If I get good profit I’ll leave. I plan to invest more in equities, which I started doing three years back. I’m not very confident on the compliance of cyrtocurrencies. I had a negative opinion about it, but I told myself let me just try.
How did you benefit from bitcoins? Where do you see the bitcoin prices going?
I don’t plan to invest to Bitcoins. My bet is Ethereum, and not exactly in Bitcoin. I kept accumulating at every dip, so my overall average is lower compared to before.
Mankesh Walia, motivational speaker based in Sharjah
When did you invest in Bitcoins?
Somebody guided me, but during that period it wasn’t going up that fast, so I got out. I invested in Bitcoin and I came out in profit of 90 per cent in 2011. I took only 7-8 Bitcoins. People who bought Bitcoins earlier are minting money.
What are the risks?
If there are heavy profit, it means it will have heavy risk. This bubble is not bursting, and everyone is piling in money into it.
How did you benefit from bitcoins? Where do you see the bitcoin prices going?
There is something called as Newton law, so if it has gone up, it will come down. Or it may just get wiped off.
Khawar Mahmood, partner of Dubai International Real estate
Why did you invest?
I invested in 2015, I got some profit then. I’m planning to invest again because market is very risky now. I’m worried because there might be a crash anytime.
What is the risk?
I’ve burnt my fingers when I invested Dh1.5 million in 2010 in pound, Canadian dollar and crude oil. So I’ve learnt my lessons.
Where do you see bitcoin prices?
Any decline in prices would be risky. I personally think prices will fall to $3,000.
Hitesh Khatwani, banker based in Abu Dhabi
Why did you invest?
I closely follow technical analysis, so I got interested. So we pooled money together along with your friends and invested in. I made a return of 400-500 per cent. I plan to re-invest that money in Indian stocks later.
What are the risks?
The huge fluctuation in prices is the biggest risk. I think when the general public gets into a stock or any other asset class, it is the time to sell. The retail investors generally are the last one to enter.
Where do you see bitcoin prices?
I sold out everything at $5,800 levels. I entered when Bitcoin was at $700.
I expect a correction and a consolidation in 6-7 months. I don’t see much higher levels from this point.
