Will Paetongtarn Shinawatra Push For Crypto Adoption in Thailand?

Thailand has witnessed a dramatic shift with the appointment of Paetongtarn Shinawatra as the country’s youngest prime minister.

The ousting of her predecessor, Srettha Thavisin, marks a new chapter in Thai politics, fueled by a combination of family lineage, political intrigue, and a potential embrace of cryptocurrency.

Furthermore, the shared interest in cryptocurrency has sparked speculation that Thailand might be poised to follow in El Salvador’s footsteps and become another nation to embrace digital assets as legal tender.

Bitcoin continues to prove itself a dependable and profitable asset. Over the last decade, it has yielded a remarkable compound annual return of 67.60%. The returns could be a factor in Thailand’s adoption decision.

Additionally, the significant return, exceeding inflation, has solidified Bitcoin’s position as a valuable investment asset, drawing interest from individuals and governments alike.

Paetongtarn Shinawatra to Shake Thailand Crypto Stand

At age 37, Paetongtarn embodies a generational shift in Thai leadership. As the daughter of ousted former Prime Minister Thaksin Shinawatra, she carries a political influence and controversial legacy. Her ascension also makes her the second woman to hold the office of Prime Minister, following in the footsteps of her aunt, Yingluck Shinawatra.

Nonetheless, the appointment met mixed reactions. Some praised her youth and potential for a fresh approach, while others expressed concerns about the lingering shadow of her father’s controversial past. Thaksin, known for his populist policies and accusations of corruption, remains a polarizing figure in Thai politics.

One intriguing aspect of Paetongtarn’s rise is her known affinity for cryptocurrency. She has openly expressed her bullish sentiment towards the digital asset class, echoing her father’s previous pronouncements on its transformative potential.

However, there are significant hurdles to overcome. The political landscape in Thailand is complex and deeply intertwined with the Shinawatra family’s legacy.

Critics of the new government point to the influence of Thaksin, accusing him of manipulating events from behind the scenes and pushing for a centralized digital currency (CBDC) to solidify his grip on power.