Miners, merchants, traders: Thailand is caught up in Bitcoin fever

Cryptocurrency usage has grown significantly in Thailand over the past year, with many reports suggesting that citizens are catching on to the “Bitcoin craze.”

Thailand's Queen's Convention Center is packed with cryptocurrency mining enthusiasts

A large crowd of people gathered to buy computer parts for cryptocurrency mining at a computer exhibition in Thailand on June 22. According to reports, there is a nationwide shortage of graphics cards (GPUs) in Thailand because Thai residents are rushing to use them to mine Ethereum and Zcash for Bitcoin. Veerachai Morprapaipan, a store owner who helped organize the expo at the Queen's Convention Center, said that the number of people was so large that he couldn't count how many consumers participated in the event.

One consumer, Niraccha Sukyu, said “I’m buying as many as I can”. The GPU supplier from Thailand explained that many altcoins have risen in price and local miners are trading them for Bitcoin. Veerachai’s “TH Miner” on the counter has received a lot of attention, and the company chooses to sell complete GPU mining kits and other components. According to Veerachai, one of his machines sold for 109,000 baht (about 21,787 yuan) that day.

80-year-old fish ball shop in Bangkok starts accepting Bitcoin payments

GPU supplier Veerachai isn’t the only merchant betting on Bitcoin. The owner of Bangkok fishball noodle shop Lim Lao Ngow has decided to accept Bitcoin payments for food and beverages at one of its six branches.

Tewit Boriboonchaisiri, owner of Lim Lao Ngow

Tewit said:

“In order to prevent our restaurant from falling behind the times, we needed to restructure and become more modern. This new branch, located in Siam Square One, has a more modern character, offers a wider variety of dishes and uses the latest technology.”

In addition to accepting decentralized currencies, Lim Lao Ngow customers can use tablets to view menus and place orders. Tewit told local media that many Thais are mining and trading Bitcoin.

“I think cryptocurrencies are going to be a very important technology in the future — these technologies are absolutely going to change the way we do financial transactions.”

Bitcoin is becoming more visible in Thailand

Bitcoin has been gaining traction in Thailand, with many reports detailing how cryptocurrencies are becoming popular in the region. The Bangkok Post reports that Thai people are increasingly using digital assets. According to the report, young entrepreneurs are investing heavily in Bitcoin, despite the Thai government's lack of an official stance on Bitcoin. Bitcoin regulation in Thailand is currently in an uncertain state. Traders interviewed by the Bangkok Post expressed concerns about the lack of government regulation, as Bitcoin accounts for 70% of their portfolios.

Furthermore, Bitcoin.com recently spoke with a well-known restaurant and bar owner in Pattaya and learned that Bitcoin adoption in Thailand is booming due to the tourism industry. In addition, the country has a very active Bitcoin meetup group called Satoshi Square Bangkok, as well as a growing number of Bitcoin ATMs. In addition, Localbitcoins trading volume in Thailand has skyrocketed in the past few months.