A café in northeast Thailand has been transformed into a haven for cryptocurrency traders, with the addition of dozens of screens displaying the latest market movements and offering financial advice over coffee and cake. Behind a serene façade of cherry blossom trees, guests of HIP Coffee & Restaurant look at their computers, cautiously sipping iced coffee – part of a growing interest in cryptoassets in Thailand that has authorities concerned.
“Being here is interesting for me because I get a chance to meet individuals who share my interests,” remarked Detnarong Satianphut, a 35-year-old cryptocurrency trader. “We (speculators) share data since we are competing with millions of individuals in the trading industry.”
Thailand’s cryptocurrency market has been gaining traction, with up to 251 billion baht ($7.62 billion) worth of digital assets moved in November, as per the latest government figures. Thailand stated earlier in January that it will begin regulating the utilization of cryptoassets as payment methods, citing possible threats to financial sustainability and the wider economic framework.
The HIP café, which opened in 2013, had a cryptocurrency makeover two years back. As per its employees, the restaurant’s consumer base has grown since then. According to manager Oakkharawat Yongsakuljinda, the café gives alternative investment prospects for residents of the neighboring province of Nakhon Ratchasima. It provides free investing advice and is considering launching its own digital coin.
Its users claim that trading at the café provides them with the best chance of winning in a turbulent market, in which the most well-known cryptocurrency, bitcoin, just reached six-month lows.
“Seeing so many displays is quite beneficial… We instantly become aware of and begin analyzing crash elements and if we should purchase” Apakon Putnok, 23, a 23-year-old speculator, opined.
