Bitcoin value triples in a year, hitting over 2 million baht

Bitcoin’s value soared to over 2 million baht on the Bitkub digital asset exchange, as global prices reached an all-time high of US$59,000 yesterday afternoon. This surge is due to the institutional acquisition of spot Bitcoin exchange-traded funds (ETFs) and a growing interest in cryptocurrency among retail investors.

Udomsak Rakwongwan, co-founder of decentralised derivatives platform FWX, and Mathematics lecturer at Kasetsart University, highlighted the impressive increase in Bitcoin’s value, which has nearly tripled in a year, ahead of the anticipated halving in April, reported Bangkok Post.

According to Udomsak, the industry is currently in a pre-halving recovery stage. He noted that the trend has remained consistent throughout Bitcoin’s existence.

“Conversations with industry leaders at many global crypto events I attended reveal a…