Thailand Wary of Crypto Price Changes



Bitcoin has seen its price fall again, down over 20% from its high, with this being potentially the fourth straight week of declines, Yahoo Finance writes.
There have been crypto analysts looking at the risks, including that selling in a highly leveraged asset like bitcoin could compound if there’s a fall below a certain price level. In that case, indebted holders might be forced to liquidate.
Michael Saylor, CEO of MicroStrategy, was among those keeping positive about it all.
He said he doesn’t see a great deal of obstacles to the price of the coin going higher.
“The only legitimate risk is a black swan – an unknown unknown,” he said in an interview. He dismissed some potential challenges: “Has it been hacked? No, it hasn’t been hacked. Is it going to be banned? No, it’s not going to be banned. Can it be copied? We copied it ten thousand times. Every copy has failed.”
In Saylor’s view, the price of the coin could “go up forever,” with some of the main factors being technology adoption and inflation.
Meanwhile, Bank of Thailand officials aren’t making it illegal to pay with crypto – but they do want to warn of the risks, a Bitcoin.com report says.
Sakkapop Panyanukul, senior director at the Bank of Thailand (BOT)’s Monetary Policy Department, said that the country is currently debating how to regulate cryptocurrency with the Thai Securities and Exchange Commission (SEC) as well as related agencies. The goal is to limit the consumer risks associated with using crypto for payments.
The bank has said before that crypto isn’t legal tender. Using it as a medium of exchange is more of a “barter trade” between the asset’s owner and the provider of goods or services.
That said, the senior director said if there are too many other currencies used, “it will impact the central bank’s ability to oversee the economy.”
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