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Dubai-based BitOasis sees ‘high volume of applications’

Gulf News 2017-12-07 13:55:00

Dubai: More people in the region are opening accounts with Dubai-based bitcoin trader Bitoasis, which services the Middle East and Africa, indicating interest in trading in cryptocurrencies.

BitOasis said on its website that “due to the high volume of applications, it now takes up to seven working days to process account verification requests”

BitOasis asks the prospective clients to submit their identity proof, along with other residence proof to verify the account before they increase the limit inorder to buy the cryptocurrencies.

Massive interest

The interest in trading of cryptocurrencies has been massive, but traditional fund managers are not ready as yet.

In an interview on November 22, Mark Haefele, global chief investment officer at UBS said: “We got tremendous interest in Bitcoin, and blockchain technology around the world. Our ultra-high net worth individuals are not investing in Bitcoins but are very interested in it.”

But for UBS, which manages trillions of dollars of clients money says that Bitcoin is no where near gold, which is considered as a store of wealth.

“Bitcoin doesn’t really yet have characteristics of it as a store of value. For investors, you enter into an investment, you should have sense it would be the conditions of when you would to exit. Bitcoin there is no way to know. You may end up staring at a chart, there is no fundamental value,” Haefele said.

Stay away:

Another Swiss money manager is advising clients to tread cautiously on the crypto-currency.

“Investors should tread cautiously on that. The price of the Bitcoin has risen by a factor of 6, so it is not a surprise of its popularity,” Stephaine Monier, chief investment officer, Lombard Odier, adding “investors need to stay prudent on this and stay away from them.”