NAKHON RATCHASIMA, Thailand: A cafe in Thailand’s northeast has become home to cryptocurrency traders, adding screens with screens showing the latest market moves and providing investment advice alongside coffee and cake.
Behind a calm exterior of cherry blossom trees, HIP Coffee & Restaurant customers stare at their laptops, nervously eating iced coffee — part of a surging interest in digital assets in Thailand that worries regulators.
“It’s exciting for me to be here because I meet people who share similar interests,” said Detnarong Satianphut, a 35-year-old crypto trader.
“We (traders) can exchange information because we meet millions of people in the trading world.”
Cryptocurrencies are gaining momentum in Thailand, with a whopping 251 billion baht ($7.62 billion) of digital assets traded in November, according to the latest official data.
Earlier this month, https://www.reuters.com/article/idUSL4N2U52CL, Thailand said it would begin regulating the use of digital assets as payments, warning of potential risks to financial stability and the overall economic system.
HIP cafe, which has been around since 2013, got its crypto makeover in 2020.
Since then, the number of customers has doubled, according to the staff. Manager Oakkharawat Yongsakuljinda said the cafe provides alternative investment opportunities for people in the surrounding Nakhon Ratchasima province.
It offers free investment advice and plans to launch its own cryptocurrency coin.
The clients say that cafe trading offers them the best chance of success in a volatile market, in which the most well-known cryptocurrency, bitcoin, hit a six-month low this week.
“Having so many screens helps a lot… We know crash factors immediately and can analyze them and whether we should buy,” said 23-year-old trader Apakon Putnok.
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