The former PM of Thailand presides over discussions on developing Bitcoin reserves in the country, with the goal of making crypto part of the financial system.
Thaksin Shinawatra, the former Prime Minister, recently met with some of the most prominent bitcoin treasury companies, MetaPlanet and Nakamoto. The meeting was devoted to the prospect of Thailand having a sovereign reserve in Bitcoin.
The debate is among the few bold attempts to make cryptocurrency a part of national reserves.
Source – X
The negotiations, a strategic shift in the Thai approach toward adopting digital assets, are possible according to Whale Insider’s report quoted by PANews on August 28.
The CEOs of MetaPlanet and Nakamoto gave their vision on how a Bitcoin reserve can enhance the financial sovereign power of the country.
Thailand’s Bold Step to a Sovereign BTC Reserve.
On X, Whale Insider reported that Thai former prime minister Thaksin Shinawatra had met with the leaders of both MetaPlanet and Nakamoto to discuss a strategic Thai Bitcoin reserve.
Such a venture is uncommon in the international arena, as not many nations have contemplated bidding for bitcoin at the sovereign level.
Some of the central participants in the cryptocurrency treasury sector, including MetaPlanet and Nakamoto, have proposed models to stabilize and secure national reserves with Bitcoin. The action is to make Thailand a pioneering centre of crypto-based financial strategy.
The debates are against the background of the current global changes in investing in digital assets. In the case of Thailand, it may redefine national finance in the digital era and focus on asset diversification and blockchain innovation.
Bitcoin Market Signals: Is Timing Right for Thailand?
Even with the high-profile talks, bitcoin has fallen by almost 2 percent in the last day, since it is trading at about 110,636.74 as of August 28.
Source – X
A recent technical analysis indicated a death cross in the MVRV Momentum indicator in Bitcoin, indicating a change of positive to negative macro momentum.
Source – X
The major levels of Bitcoin support are at 104,520, 97,050, and 59,720, which are possible price floors during turbulence.
Source – X
Also, the current supply of Bitcoin indicates a potential time of a downtrend, which indicates a need to exercise caution despite the strategic interest being shown by the Thai authorities.
Thailand touring a BTC treasury amid short-term headwind surrounding Bitcoin evokes the question of timing and long-term strategy.
