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The CEO of the investment company Gateway Partners, Viswanathan Shankar, told the Nikkei Asian Review that he opposed investing in digital currencies and not allocating any of their funds to emerging technological and financial innovation.
Shankar, a career banker who previously served as a Standard Chartered board member and served as CEO for Europe, the Middle East, Africa and the Americas, originally warned not to invest in space in 2017. Despite the much lower encryption prices today, it remains decided not to allocate any of its funds to Bitcoin and other encrypted funds.
Gateway partners connect private capital to investment opportunities across all markets of dynamic growth in Africa, the Middle East, South Asia and Southeast Asia.
One of the three objectives that Shankar opposed at the end of last year was Bitcoin, along with Argentina and Tesla. From his point of view, everyone showed serious signs of "irrational exuberance".
"I think I was right on all three," said Shankar.
"Bitcoins began their plunge at the start of 2018, Argentinian bond yields have risen following the beer financial crisis and Tesla is struggling with governance issues.
Read more: "The Ripple XRP is a better bet than Bitcoin," says Phillip Nunn
Shankar does not invest in what he believes to be a fashion. It prefers investments based on basic services, with particular attention to companies that provide goods and services that the common person needs both in Africa and in Asia.
"We are for biscuits, not for bitcoins," said Shankar.
In November, Shankar was named Goodwill Ambassador of Intra-Africa.
@afreximbank is happy to announce the appointment of Mr. V Shankar, as # iatf2018 Goodwill Ambassador, Singapore. Shankar is Chief Executive Officer of Gateway Partners, a private equity company focused on investing in the dynamic growth markets of Africa, the Middle East and Asia. pic.twitter.com/zKynfNwzCG
– Trade show in Africa (@ iatf2018) November 20, 2018
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