Thai Firms Pour Money into Bitcoin as Crypto Ownership Expands

blockchain.news:

Major Thai companies are heavily investing money into Bitcoin as the number of people estimated to own cryptocurrency in the Southeast Asian nation surged over 400% in 2021 from the year before to 3.6 million, Nikkei Asia reported.

Although Thailand's central bank has warned over the risk and volatility of cryptocurrencies, shops and other places are increasingly accepting crypto as payment.

«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,» said an analyst at Kasikorn Research Center.

"[This interest from big companies and institutional investors] boosts confidence in digital currency and encourages small investors to join," the analyst continued.

Thailand's Brooker Group, a financial and real estate adviser, has invested 1.2 million baht ($36 million) in a Bitcoin trading business and has set aside another 70 million baht for crypto mining while also planning to invest around 150 million baht in stablecoin and other digital assets in the future.

Meanwhile, the nation's Jasmine Technology Solution bought 1,200 Bitcoin mining machines from Bitmain Technology for around 3.3 billion baht. The company also plans to add another 5,100 machines in 2022 as it shifts its focus to crypto from telecommunications technology.

Comanche International, a computer wholesaler and software developer company, has also invested 60 million baht in a cryptocurrency mining business and a crypto trading platform.

Interest among crypto investors potentially rose after the price of Bitcoin hit a record high of over $68,000 in November 2021.

In Thailand, the nascent