Yogesh Mehta says those who have invested in cryptocurrencies often get their hands 'burned'
The CEO of Petrochem ME, one of the largest independent petrochemical distributors in the world, said he would not put his money in cryptocurrencies.
Speaking to Arabian Business in an exclusive interview, Yogesh Mehta said the digital forms of payment are ‘fashionable’ but do not necessarily make a good investment.
“I would never put $1 into Bitcoin or cryptocurrencies, because I am not the gambling kind. I’m a conservative person with regards to investing money for quicker returns. I don’t believe in quick returns,” he said.
Mehta said those who have invested in the technology were often disappointed by the results.
“People who have played with such games and gimmicks have actually burned their hands. You have to be careful that not everything that looks good is good. Not everything that glitters is gold,” he said.
Nevertheless, the CEO said governments will likely regulate cryptocurrencies in the next decade.
“I think governments will endorse it, and if it gets governmental support, then it will be fine. I think it’s not that far, 10-15 years away,” he said.
Petrochem ME operates across the GCC and beyond, including India, Egypt and more. In 2017, it achieved a $1.4bn turnover.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Everyone cannot understand the technology, specially digital money. Changing the old generation thoughts are difficult, they are still used to work manually (on papers)