Former PM of Thailand and his rich friends believe Bitcoin will reach $850,000 – Calls for Thai people to adopt BTC

Thaksin Shinawatra, the former prime minister of Thailand, claims that his friends believe Bitcoin could reach $850,000 in value. He urged Thai people to stay informed about the cryptocurrency’s potential and its increasing relevance to the global economy.

During a special lecture on December 13, 2024, Thaksin said that he isn’t calling for people to buy Bitcoin (BTC), but reiterated, “The trend is like that.”

“There are already many cryptocurrencies. Some people say that in the future, we will have more currencies than countries. Today, Thai people must think and understand this.” he continued.

Thaksin Shinawatra, the former prime minister of Thailand and the father of the current prime minister, said on the 13th that his friends believe that Bitcoin will reach $850,000, and the Thai people should learn and stay informed, which will undoubtedly be reflected in… pic.twitter.com/UVopRoN1Bf

— Wu Blockchain (@WuBlockchain) December 14, 2024

He warned the Thai trade sector about the potential return of Donald Trump to the U.S. presidency, noting that Thailand must be cautious about possible tax increases and the impact of a trade surplus with the U.S. Thaksin noted that some believe Trump might use Bitcoin to help pay down U.S. debt, a point that generated attention.

Thaksin: Crypto adoption is the trend

In his lecture, Thaksin discussed his ideas for Thailand’s economic future, particularly with regard to the use of stablecoins. He revealed that Prime Minister Shinawatra had instructed the Ministry of Finance to explore the possibility of a pilot program in Phuket to allow Bitcoin payments and study the issuance of stablecoins backed by government bonds. 

According to the former Prime Minister, this would serve as an alternative to printing new banknotes and could help inject liquidity into the economy without burdening the country with additional public debt.

Thaksin also addressed the country’s economic challenges, noting that Thailand’s GDP growth was sluggish. However, he was optimistic about the outlook for 2025. He predicted a 3.5% GDP growth next year and suggested that a 4.0% GDP growth in 2026 would be feasible. 

“I’m still not satisfied because if GDP is less than 5 percent, our country will be inferior to other countries in ASEAN,” he remarked.

In terms of monetary policy, Thaksin expressed concerns about the current state of the Thai economy, mentioning that the money supply was limited due to commercial banks’ reluctance to take risks and lend. As a result, he argued, the Thai government must find ways to stimulate economic activity without further increasing the country’s already high public debt. He suggested that addressing the deficit and increasing tax revenue were essential but difficult challenges.

Thaksin’s remarks follow the Constitutional Court’s removal from office in August 2024. He was ousted for breaching ethics rules related to his appointment of a convicted lawyer to his Cabinet​.

Thailand regulators on course for crypto adoption

For months, Thailand has been seeking ways to integrate crypto into its broader financial landscape. The country ranked 10th in Chainalysis’ 2023 Global Crypto Adoption Index, and several cryptocurrency exchanges received licenses to operate within its jurisdiction.

While institutional investors and high-net-worth individuals have been permitted to invest in crypto exchange-traded funds (ETFs), regulators have stressed the importance of contingency plans for custodians in case of disruptions. 

According to Nares Laopannarai, President of the Digital Asset Association of Thailand, the overall crypto regulatory framework is unlikely to change drastically, though he pointed out that the government’s digital wallet policy, introduced under Prime Minister Srettha Thavisin’s administration, might be impacted by political shifts.

Thailand’s Securities and Exchange Commission (SEC) also introduced a Digital Asset Regulatory Sandbox aimed at fostering innovation in the country’s cryptocurrency and blockchain sectors. Announced in early August, the initiative provides a controlled environment where businesses can safely test and develop digital asset services under the oversight of regulators.

This program seeks to balance innovation with compliance by allowing companies to experiment with new technologies while adhering to established rules. It is part of the SEC’s strategy to encourage advancements in the digital economy while keeping investors safe and ensuring market stability.

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