The cafe has turned into a haven for cryptocurrency traders.
Cryptocurrencies are increasingly becoming popular and gaining a lot of traction from investors. However, when it comes to knowledge about digital coins, many people are still behind the curve. And, in order to get them started with cryptocurrencies, a cafe in Thailand is providing information related to digital assets. This cafe has turned into a haven for cryptocurrency traders, with screens displaying the latest market movements and investment advice. Customers at the HIP Coffee & Restaurant can be seen staring at their laptops, nervously sipping coffee, or taking a bite of their favourite cake.
Cryptocurrency traders get to exchange information, which they believe gives them a good chance of success, in a volatile market that just saw Bitcoin, the world’s oldest and most popular cryptocurrency, hit a low recently.
A Reuters report quoted a cryptocurrency trader, Detnarong Satianphut, as saying that this initiative was “interesting for me since I get to meet others who share my interests”. According to official data, 251 billion baht ($7.62 billion) in digital assets were traded in November 2021, indicating that cryptocurrencies were gaining traction in Thailand.
Another trader Apakon Putnok said that the presence of so many screens was beneficial, as it helped them analyse a trade, consider the factors behind a crash and make decisions accordingly.
Here’s a video of the cafe showing its multiple screens:
HIP Coffee & Restaurant in Thailand has become home to cryptocurrency traders, adding screens showing the latest market moves. The café also offers free crypto investment consulting and is planning on starting its own cryptocurrency coin https://t.co/euQwYACQk4pic.twitter.com/mFGLruh1i7
— Reuters (@Reuters) January 31, 2022
The cafe first opened its doors in 2013. Since the cryptocurrency data panels were installed in 2020, the number of customers has doubled. Customers who used to come only on weekdays are now frequenting the cafe every day. The concept has attracted a following of dedicated customers who visit on a regular basis.
The cafe’s manager, Oakkharawat Yongsakuljinda, said that apart from providing free investment advice, they also plan to launch their own cryptocurrency coin soon.
A few days ago, Thailand announced that it had agreed to scrap a 15 per cent cryptocurrency tax, following fierce opposition from traders and cryptocurrency proponents in the country. This was good news for the burgeoning cryptocurrency industry.
Thailand’s financial authorities announced plans to regulate the usage of digital assets as a payment mechanism a few weeks ago. The Bank of Thailand, Ministry of Finance and the Securities and Exchange Commission announced that guidelines for certain digital assets that support the financial system without posing a systemic risk will be released.
