The cryptocurrency space in Thailand is a focus as the country makes headlines with the continued positive action taking place, with a prediction of a bullish Bitcoin from former Prime Minister, Thaksin Shinawatra.
Speaking to well known Chinese cryptocurrency journalist Colin Wu, these developments have been recounted, with him putting forth the argument that there is a furthering of Thailand’s adoption of Bitcoins with these. Thaksin Shinawatra, whose son now serves as Thailand’s prime minister, thinks BTC could explode to $850,000 in the future, Wu says.
And many of Shinawatra’s associates feel the same way. He said the need for awareness of public regarding Bitcoin was imperative and has reportedly started efforts to build a regulatory sandbox in Phuket. This would allow Bitcoin adoption to grow among the people that live in region, while allowing payments to be made using BTC.
Bitcoin’s Role in Thailand’s Economic Growth and Stablecoin Research
It comes just after the recent U.S. presidential elections, and the anticipated changes in cryptocurrency policies. Some Thai politicians believe that the U.S. may be in the market for Bitcoin to help with its national debt. Thailand is also considering looking into stablecoins backed by government bonds. The objective of this study is to see whether an approach like this would infuse funds into the economy without expanding the supply of issued currency. Shinawatra hopes the Thai economy could grow if successful.
Also in related news, the Nasdaq 100 exchange-traded fund took the business intelligence firm MicroStrategy’s co-founder Michael Saylor. The index consists of the best and top non financial companies like Apple, Tesla, Meta, Amazon, and Microsoft.
MicroStrategy includes itself in this top 10 amid its soaring market capitalization, which has kept pace with the company’s Bitcoin strategy since 2020. By December 2024, the company will own 423,650 BTC, worth about $41.5 billion. It has raised billions of dollars through senior convertible bonds over the years to pay for its Bitcoin acquisitions and become a major actor in the cryptocurrency ecosystem.
The importance of this is in that these developments come amid growing global adoption of Bitcoin: with nations like Thailand and MicroStrategy leading the way towards a future centered around crypto.
