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Covid-19 brings surge in gold and cryptocurrency investment

Neill Fronde



PHOTO: Gold and cryptocurrency are booming in pandemic times

In the uncertain times of the Covid-19 pandemic, investors are leaning towards safe investments like gold and also the emerging cryptocurrency market. Gold prices hit a 7 week high at over 55,000 baht on Thursday and around April 15 online gold transactions in Thailand doubled. One reason for the rise in gold price is uncertainty, with tensions growing between the US and Russia. Speculators believe gold may reach up to US $1800 during 2021 due mostly to more international tension between the US and China, and the US bond yields on the decline.

Online trading has seen a huge increase, as investors are closely monitoring gold prices, perhaps because they’re stuck at home and on the internet much more during the Covid-19 pandemic. New online accounts are growing as is the trading volume for online gold purchases.

Meanwhile, cryptocurrency has surged in investors and trading to an all-time high, again partially due to the coronavirus pandemic. Bitcoin reached a record price of over 2 million baht per coin this week. And many altcoins are gaining in popularity. The online trading platforms and exchanges for most crypto were not restricted by Covid-19 so the industry is swelling. Coinbase, the biggest cryptocurrency exchange in the United States went public on the NASDAQ stock market on April 14th. Last year’s total revenue for the popular exchange was US $1.2 billion, but the public offering reported earnings of $1.8 billion in the first quarter of 2021 alone.

While gold and cryptocurrency has become a popular way to make money during the pandemic, not all cryptos are created equal and most fail. Watchers have seen a 1 to 2% success rate out of the over 9,000 altcoins that have been created in the crypto boom. Advisors suggest cautious trading and investing in only the top few hundred altcoins.

With online gold trading and cryptocurrency surging ahead, the contrast is stark to brick and mortar industries decimated by Covid-19. Retail, tourism, and traditional banking have all taken massive hits. Kasikorn Bank dropped nearly 3% in the stock market. Only global oil, petrochemical, and electronics success have helped to bolster the Stock Exchange Thailand Index, with PTT Exploration and Production stock climbing over 4%. Covid-19 related industries such as rubber glove suppliers are flourishing with investors speculating on further growth if the third wave continues to spread. Overall though, the stock market rose half a per cent with the announcement that there will not be a Covid-19 lockdown just yet.

SOURCE: Bangkok Post


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  1. Avatar

    toby andrews

    Saturday, April 17, 2021 at 3:51 pm

    Well for the last five weeks the Baht has been sliding down in value against western currencies. Perhaps selling Baht and buying cripto currencies, plus gold, has contributed to this.
    Or it could be the smart money is in currencies that are linked to nations that are recovering, and making sensible efforts to recover from the pandemic.
    Thailand, although keeping down the deaths from the pandemic has ruined the economy and shows no signs of recovering.
    Hence, dump the baht and buy the Congolese Franc.

  2. Avatar


    Sunday, April 18, 2021 at 7:23 am

    Gold will continue to rise at a minimum for 2 more years

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Neill is a journalist from the United States with 10 years broadcasting experience and national news and magazine publications. He graduated with a degree in journalism and communications from the University of California and has been living in Thailand since 2014.

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