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- Thailand moves to adopt blockchain and other crypto technologies have earned praise from many foreign observers
- In 2019 with 9.9 internet users owning cryptocurrency, Thailand ranked 2nd in the world
- 57% of the Millennials were buying cryptocurrency in 2020
While many countries around the world remain sceptical, Thailand seems to have welcomed cryptocurrency with open arms. With just 13 countries embracing cryptocurrency, Thailand’s decision not only shows their positive intent and that they see the future going the crypto way.
Foreign observers are praising Thais move
Thais move to adopt blockchain and other crypto technologies have earned praise from many foreign observers. A couple of years ago, Thailand issued an executive decree to regulate all digital assets, which draws the interest of many overseas observers, as Thailand is one of the first countries to do so.
The use of Bitcoin rose very quickly and unexpectedly in Thailand, as in any other country. As compared to many countries around the world, Thais are far more open to using cryptocurrencies. The number of transactions is rapidly increasing since 2014 when the first transaction was made. As per CGTN news, in 2019 with 9.9 internet users owning cryptocurrency, Thailand ranked 2nd in the world. Today Thailand is the first country among the South Asian countries to approve cryptocurrency legislation, regulation, and opening the door of crypto businesses.
Thailand’s first licensed digital assets exchange has grown by 600%
Bitkub a new generation digital asset and cryptocurrency exchange, claiming 95%of market share, has perceived an amazing 600% of growth since January 2020. Jirayut Srupsrisopa, the founder and CEO of Bitkub Capital Group Holdings Co. Ltd., mentioned in one of his statements that to protect their purchasing power from injecting more dollars in the economy, people look for alternative assets.
Covid-19 as a catalyst
The COVID-19 pandemic is the first real test for the cryptocurrencies, for whether they are a safe haven or not. Jirayut Srupsrisopa said that COVID is just acting as a catalyst, where the world is changing regardless. The shift of traditional assets (gold, bond, stocks etc) to digital assets and cryptocurrencies, is a predictable outcome of COVID impact. According to a report of Cornerstone Advisors, it is known that among the users, 57% of the Millennials were buying cryptocurrency in 2020.
Some industrial critics
Many young investors know that they are taking a big risk, before running into the cryptocurrency market. Some skeptic’s are unconvinced of the crypto market as a “safe haven”, as the market has a high volatility, high risk, and the prince remains changing all the time. A finance professor at Rangsit University, Dr. Kulabutr Komenkul, states that they don’t agree that the crypto market is a safe haven, as it’s too dangerous because of its high volatility, high risk and change of price all time and all day.
Now, only time will tell whether cryptocurrencies will have a valuable role to play or not. However, there will be a great deal of economic ground to makeup, after the world emerges from restrictions, in the early month of 2020. Though COVID is the biggest catalyst for BTC yet after all the hardships caused by it.
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Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
