Thaksin Shinawatra: Former Man City owner says ‘new rich’ will rise from blockchain and cryptocurrency

Thaksin Shinawatra says cryptocurrency and blockchain will create a “new rich” among young entrepreneurs.

The former Thai prime minister and ex-owner of Premier League football club Manchester City told his followers to take advantage of the opportunities the world of crypto offers.

The 69-year-old, who was overthrown in a military coup in 2006 and now lives in exile, claims the sector will create a new technological boom similar to the advent of the internet.

He wrote on his blog: “(Blockchain) is going to create new millionaires, just like the internet.

“Blockchain has been out for many years, but it is not yet extensive because people still do not understand it.”

But Thaksin says entrepreneurs must also develop their business skills before investing in crypto.

He cited a meeting with two Koreans who had extensive expertise in blockchain but no business model.

‘Tech is not enough’

“Those Koreans told me that they were experts in creating platforms on blockchain. But I told them that without a good business model, blockchain won’t (help you).

“You have to create a good business model.”

He also referenced a Rwandan coffee firm that used blockchain to connect local suppliers to high-end retailers as an example of innovation.

Thaksin has been accused of corruption and in 2008 was sentenced to two years’ imprisonment in absentia over a real estate deal.

The current Thai prime minister Prayut Chan-o-cha is fighting against a populist movement led by Thaksin and his followers.