Thailand’s Bitcoin Trade Volume Activity Goes Up Four Times Amidst Ongoing Election Chaos
Thailand: BTC Trade Volume Goes Up Four Times Amidst Ongoing Election Chaos
As many of our regular readers may already know, over the course of the past week or so, the overall BTC trade volume in Thailand seems to have risen by over 4x on peer to peer exchange Localbitcoins.com. To be a bit more specific, we can see that BTC trade in relation to the Thai Baht has also reached an all-time-high recently — with trade volumes going as high as 70 million Baht over the course of the past 7 days or so.
Similarly, from a crypto standpoint, we can see that 417 BTC (estimated to be worth $2.3 million) exchanged hands in Thailand this past week. This number is much higher than the usual BTC trade volume rate of around 130 tokens that has been observed since the last 3-4 years.
Additional Details Emerge
In the wake of all this news, it has also come to light that the Royal Navy of Thailand is now looking to remove a seastead home owned by well-known crypto investor Chad Elwartowski. It is being reported that Chad’s floating home is 12 nautical miles from Phuket’s shore and is thus “threatening” the nation’s independence.
However, in a recent interview with Elwartowski, he claimed that his ocean-pad was exactly 13 nautical miles away from the nearest Thai border and that the government was simply strong-arming him into removing his home from where it currently stands.
Other Info Worth Bearing In Mind
- Elwartowski’s is part of a community called ‘Ocean Builders’ whose members are looking to create permanent homes in international waters situated outside of established government territories.
- In the past, Elwartowski has worked as a software engineer for the United States. His floating home consists of a 6m-wide octagonal platform which also includes a kitchen, bathroom, dining area and bedroom.
- Each ocean home allegedly costs around US$150,000 (S$203,250) to build.
- Thailand is currently witnessing a phase of political turmoil — primarily because the nation just concluded its recent national elections (on the 24th of last month). At press time, the prime minister of Thailand is an Army general called Prayut Chan-o-cha from the Palang Pracharat party.
- Former premier Thaksin Shinawatra who recently got ousted has joined an alliance group that is looking to stop Prime Minister Prayuth Chan-ocha from staying in power. For those of our readers who may not know, Thaksin is a bitcoiner who enjoys a lot of support from the masses in his country.
In closing out this piece, it should be mentioned that the current Thai regime seems to have little to no knowledge of the crypto sector, thus, how the future of this burgeoning space will evolve in the coming few months will be interesting to see.
Financially speaking, Thailand currently has a decent GDP growth rate of around 4% as well as a low inflation rate of 1.2%.