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Bitcoin (BTC), Cryptocurrency-If you thought that the FUD against the cryptocurrency would take some time to emerge in the new year, think again. The managing director of the investment house Gateway Partners, Viswanathan Shankar reports having abandoned investments in Bitcoin and cryptocurrency in 2019 in favor of pursuing more traditional investment strategies, including basic goods and services.
In a relationship presented on January 2 by Nikkei Asian Review, an Asia-based publication, Shankar deepened his philosophy for fund management, stating that his management team would focus on a less attractive investment strategy than that offered by the volatility of the fund. cryptocurrency,
"We are for biscuits, not for Bitcoin"
Shankar further elaborated that his investment philosophy would focus on "basic goods and services and the middle class", a direction that would not include Bitcoin and cryptocurrency. Shankar, who is the former director of the Standard Chartered group, is reportedly leading the venture capital private equity firm in the United Arab Emirates, Saudi Arabia and Egypt with its first $ 757 million fund.
Shankar has established a history of consulting against cryptocurrency and investment encryption. Last year, the CEO of Gateway Partners focused specifically on cryptocurrency, in collaboration with Tesla and Argentina, as an entity for investors and groups to be avoided due to the coating surrounding the appropriate judgment assets. Shankar claimed that the cryptocurrency exhibited "signs of irrational exuberance".
While Shankar's advice proved to be fortuitous to investors who were able to lose most of the 2018 bear cycle, one that saw generalized token prices fall above 90 percent, he also warned investors to stay away from established companies. In addition to Tesla, Shankar advised against "BAT", an acronym commonly used to refer to Baidu, Alibaba Group Holding and Tencent Holding which create a crypt in the rarefied air when investors consider stocks that Shankar recommends avoiding.
The news outside of Shankar's prediction has been similarly loaded with FUD for Bitcoin and cryptocurrency, with external analysts continuing to accumulate errors in the sector. Venture capitalist Fred Wilson kicked off the new year by stating that he did not believe that cryptocurrency would provide a safe haven for investors in 2019 with the US stock market continuing to look shaky.
While some have speculated that the crypt could be the alternative to traditional headlines in response to another recession, Wilson does not believe that a weakened economy will be sufficient to bring a bullish turn towards the cryptic markets, despite say "there will be signs of life in crypts" earth in 2019. "Wilson goes on to cite production problems on the geopolitical landscape, such as a commercial war looming between the United States and China, as a contribution to market uncertainty and that it makes investors wary of the startup sector, including the nascent crypto and blockchain industry.
Meanwhile, coin prices have seen a slight rally since they hit their lowest point in November. While Bitcoin failed to exceed $ 4,000 in 2019, the currency managed to show some stability to kick off the new year.
