Thailand is seeing a bitcoin boom, with more businesses and other institutions accepting cryptocurrencies as payment. A café in northern Thailand’s Nakhon Ratchasima province has given itself a crypto makeover, giving free investing advice with coffee to clients. It includes wall-to-wall screens that display the most recent market movements, keeping the crypto traders who visit the cafe glued to them.
In a volatile market that just saw Bitcoin, the most well-known cryptocurrency, hitting a six-month low, crypto traders get to exchange info, which they say offers them a good chance of success. Thailand is witnessing a cryptocurrency boom, with shops and other establishments now increasingly accepting crypto as payment, and big companies going for Bitcoin mining. Cashing in on this momentum, a cafe in northern Thailand’s Nakhon Ratchasima province has given itself a crypto makeover, offering free investment advice to customers along with coffee, according to a Reuters report.
According to the article, it boasts wall-to-wall screens that show the latest market movements, keeping the crypto traders who come to the café hooked on them. The several screens assist dealers in “analysing crashing aspects” and deciding whether to purchase, according to a trader at the HIP Coffee & Restaurant. In a turbulent market where Bitcoin, the most well-known cryptocurrency, has reached a low, traders exchange knowledge that they claim gives them a strong chance of success.
“It’s wonderful for me to be here because I get to encounter individuals with similar interests,” said Detnarong Satianphut, another crypto trader. The HIP café has been open since 2013, but it didn’t get its crypto facelift until 2020 when it says that foot traffic has more than doubled. Manager Oakkharawat Yongsakuljinda told Reuters that the café offers different investing alternatives to individuals in Nakhon Ratchasima province. According to the article, it intends to launch a cryptocurrency coin.
Thailand will regulate the use of cryptocurrency as a payment option.
According to the Reuters analysis, Thailand traded 251 billion baht, which was about $7.62 billion in digital assets in November, citing the most recent government statistics. According to a Nikkei Asia article released earlier this month, the number of persons projected to possess cryptocurrency in Thailand increased by more than 400 percent in 2021, from 3.6 million the previous year. The surge in interest in digital assets, on the other hand, has authorities concerned. Thailand said earlier this month that it will henceforth restrict the use of cryptocurrencies as payment methods, citing possible threats to the country’s financial stability and the general economy.