Trumping expectations: Bitcoin set to soar under US president
Bitcoin’s price is set to soar during the first three months of Donald Trump’s presidency, while a groundbreaking crypto sandbox in Phuket promises to double Thailand’s digital adoption rate of 12%, according to Binance’s Thai division, the world’s leading cryptocurrency exchange.
Ahead of Trump’s swearing-in as the 47th president of the United States, bitcoin reached a staggering new peak at US$109,000. Trump’s meme coin, aptly named $TRUMP, also made waves, rocketing by 73% to hit US$46.06 during Asian trading hours, pushing its market capitalisation to a hefty US$9.2 billion.
Since the nail-biting US election on November 5, bitcoin has exploded by 80%, climbing into the US$108,000 range by mid-December. Korn Poonsirivong, Chief Strategy Officer at Gulf Binance and head of Binance TH Academy, observed that Bitcoin traditionally trends upward in the early months of a new US presidency, a phenomenon occurring every four years.
Poonsirivong speculates that Trump’s crypto-friendly agenda might push bitcoin valuations higher for even longer. With a historic number of pro-crypto officials now in the House and Senate, and Trump championing a strategic bitcoin reserve for the US, states such as Pennsylvania, Florida, Ohio, and Texas are eyeing their own bitcoin stashes.
Nirun Fuwattananukul, CEO of Gulf Binance, pointed out that America’s commanding presence in global financial markets and a growing crypto enthusiasm could spark similar trends worldwide. Bitcoin’s market value has now made it the sixth largest global financial asset, eclipsing venerable currencies such as the British pound and Swiss franc with over US$1.95 trillion in worth.
Fuwattananukul highlighted the transformative opportunities emerging in finance and investment this year. Binance TH, a joint venture between Binance and SET-listed Gulf Energy Development, has rapidly become Thailand’s premier digital asset platform under the Securities and Exchange Commission, boasting an impressive portfolio of over 350 coins.
In just a year, Binance TH has led the charge in digital asset proliferation in Thailand, now setting its sights on boosting the domestic adoption rate. Driving this initiative is a proposed crypto sandbox in Phuket, with the aim of promoting bitcoin literacy and adoption among Thai users from 12% in 2024.
The visionary project, championed by former prime minister Thaksin Shinawatra, seeks to transform Phuket, a major tourist hotspot, into a beacon for bitcoin as an everyday payment method, propelling crypto transactions into the mainstream.
Fuwattananukul confidently stated that the Phuket sandbox, a pioneering concept for Thailand, has the potential to double or even triple the nation’s digital adoption rate following its eagerly anticipated launch this year.
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