Thai Companies Pour Money In BTC As Crypto Ownership Grows

Thai companies pour money into BTC with the crypto ownership growing in the nation as the number of people estimated to own crypto surged over 400% in 2021, Nikkei Asia reported. In our latest Bitcoin news, we are taking a closer look at this analysis.

Thailand’s central bank warned over the risk and volatility of crypto, many shops are accepting crypto as payment. Analyst at Kasikom Research Center noted:

“Bitcoin is booming and the act of listed firms and other financial institutions starting to join Bitcoin trading and mining helps confirm that the arrival of Bitcoin and other cryptocurrencies is a trend that we should not miss. [This interest from big companies and institutional investors] boosts confidence in digital currency and encourages small investors to join.”

Thailand’s Brooker Group is a financial and real estate adviser which invested 1.2 million baht in BTC trading and set aside another 70 million for mining while planning to invest an additional 150 million in stablecoin and other digital assets. In the meantime, the nation’s Jasmine Technology Solution bought 1200 BTC mining machines from Bitmain Technology for 3.3 billion baht with more plans to add another 5100 machines in 2022 as it turns the focus to crypto. Another one of the Thai companies Comanche International which is a computer wholesaler invested 60 million baht in crypto mining businesses and trading platforms.

The interest among crypto investors increase after the price of BTC reached a high of $68,000 back in 2021. in Thailand the crypto sector saw strong potential in growing larger after the country’s oldest lender siam Commercial Bank ramped up its drive into fintech with the acquisition of 51% controlling stake in local crypto exchange Bitkub Online for 17.85 billion:

“That has made Bitcoin and other cryptocurrencies more interesting as more institutional investors are investing in them.”

The signs of the expansion of the crypto sector in Thailand were noted after several companies including The Mall Group store operator, started accepting BTC and other digital tokens as payments. The leading real estate developers Sansiri and Ananda also accepted BTC as a form of payment for their houses. However, the government remains skeptical of crypto with the bank of Thailand saying that it doesn’t support digital assets as a mode of payments for goods and services. It also added that it is working to lay down some proper regulations. While the Ministry of finance plans to finalize regulations on taxing BTC as well. Thailand’s central bank said it expects to test the retail central bank digital currency as well.