Thailand’s Securities and Exchange Commission (SEC) is considering approving exchange-traded funds (ETFs) that invest directly in Bitcoin, aiming to expand its growing cryptocurrency market. This decision, reported on 15 January, reflects Thailand’s efforts to keep pace with nations like Singapore, Hong Kong, and the US, which are advancing in cryptocurrency regulation and innovation.
The move comes as the country experiences a surge in crypto trading activity. As of November 2024, active trading accounts more than doubled to 270,000 compared to the previous month. Acknowledging the sector’s importance, SEC Secretary-General Pornanong Budsaratragoon stated that the goal is to provide investors with diverse crypto options under proper regulatory protections.
Thailand is also exploring broader crypto adoption initiatives. Alongside potential Bitcoin ETFs, the SEC is evaluating the issuance of stablecoins backed by corporate bonds to improve access to debt markets. Meanwhile, the government continues to tackle illegal operations, such as the recent closure of an unauthorised Bitcoin mining farm in Chonburi.
In addition, a pilot project proposed by former Prime Minister Thaksin Shinawatra aims to introduce Bitcoin payments in Phuket, particularly for tourists. With such developments, Thailand hopes to position itself as a leading hub in the Asia-Pacific region for crypto innovation.
MicroStrategy Inc. has bolstered its position as a Bitcoin powerhouse, purchasing $243 million worth of the cryptocurrency in its 10th consecutive weekly acquisition. The company, based in Virginia, now controls over 2% of Bitcoin’s finite supply, continuing a strategy initiated by co-founder and Chairman Michael Saylor in 2020.
The firm acquired 2,530 Bitcoin between 6 and 12 January at an average price of $95,972 per token, according to a regulatory filing. With plans to raise $42 billion in capital by 2027 through stock sales and debt offerings, MicroStrategy intends to invest heavily in Bitcoin. It has already reached two-thirds of its equity-raising goals in just a few months and could potentially purchase an additional $6.5 billion in Bitcoin.
MicroStrategy’s shares have risen 13% this year, closing at $327.91 last week, while Bitcoin itself has experienced a slight dip, losing 3% in value after a 120% surge in 2024. The firm’s approach has drawn attention from hedge funds employing convertible arbitrage strategies, betting on the volatility of MicroStrategy’s stock as the company advances plans to expand its equity offerings.
Despite circulating rumours, the US government has made no moves to sell its massive Bitcoin holdings seized from the Silk Road and other cases. Blockchain intelligence firm Arkham verified that approximately $6.44 billion in Bitcoin remains under government control, dispelling reports of a Department of Justice-sanctioned liquidation.
The speculation followed claims that 69,370 BTC had been cleared for sale by federal authorities, reportedly backed by a late December court ruling. However, with President Trump’s inauguration nearing, the administration’s approach to these assets remains unclear. Trump has proposed a national Bitcoin reserve, a plan supported by Senator Cynthia Lummis and tabled in Congress.
Crypto advocates are urging Trump to prioritise Bitcoin in his early days in office, with states like Texas and Ohio already considering legislation to advance BTC adoption. As Biden’s administration enters its final days, whether the US will act on its Bitcoin stockpile remains uncertain.
Authorities in Thailand have confiscated 996 Bitcoin mining rigs in Chon Buri province, accusing operators of illegally tapping into the power grid. The raid, conducted on 8 January in the Phanat Nikhom district, targeted JIT Co., a digital asset trading firm that allegedly tampered with power meters to avoid electricity charges. Losses to local providers are estimated in the hundreds of millions of baht.
Despite solar panels being present on the site, investigators revealed they were not connected to the equipment, which relies on immense computing power to mine Bitcoin. Thai officials highlighted the heavy energy demands of mining, which can cost hundreds of thousands of baht per Bitcoin, compared to the typical household electricity bill of 750 baht.
The case underscores the growing global challenge of managing crypto mining’s resource demands. Thai regulators reiterated the need to safeguard public utilities as they continue investigating the scheme and identifying additional parties involved.
Bitcoin’s price took a sharp tumble below $95,000 on 8 January, reversing gains from earlier in the week when it briefly surpassed $100,000. The sell-off was largely driven by short-term holders (STHs), who moved over 26,000 BTC worth more than $2.4 billion to exchanges, often at a loss.
According to analysis from Alphractal, STHs have shown a growing tendency to liquidate their holdings rather than accumulate, a trend evident since early December. This shift has weakened demand and amplified Bitcoin’s price volatility in recent weeks.
The data highlights how short-term investor behaviour continues to play a pivotal role in shaping Bitcoin’s market trends, as their decisions ripple across the broader cryptocurrency landscape.
A High Court judge has dismissed a legal challenge by James Howells, who sought to recover a Bitcoin hard drive worth nearly £600 million from a Newport landfill. Howells claimed his former partner mistakenly discarded the device in 2013 and had repeatedly asked the council for permission to excavate the site. He argued that the lost cryptocurrency should be returned to him or that he should receive £495 million in compensation.
Newport City Council opposed the claim, stating that existing laws meant the hard drive became council property when it entered the landfill. The judge ruled there were no reasonable grounds for the case to proceed, as the claim had no realistic chance of success. Environmental regulations also prohibited digging up the site, which contains more than 1.4 million tonnes of waste.
Howells, who mined the Bitcoin in 2009 when it was virtually worthless, expressed disappointment at the ruling, calling it a “kick in the teeth.” He had offered to share a portion of the recovered cryptocurrency with the council and the local community. With Bitcoin’s value surging in 2024, he speculated that the hard drive’s worth could exceed £1 billion by next year, but the legal route to reclaiming it has now been firmly closed.
A decade-long fight for a lost Bitcoin fortune has ended bitterly for James Howells, an IT engineer from Newport, Wales. The Cardiff High Court dismissed his case against Newport City Council, rejecting his bid to access a landfill where a hard drive containing 8,000 Bitcoins lies buried. The drive, discarded in 2013, holds an estimated $700-750 million as Bitcoin recently soared above $94,000 per unit.
Howells had offered the council a share of the recovered fortune and £495 million in compensation but was denied on environmental grounds. Judge Keyser KC ruled that the claim lacked “reasonable grounds” and upheld the council’s ownership of the landfill contents. Howells asserted the drive was within a 100,000-tonne section of the 1.4 million tonnes of waste.
Reacting to the decision, Howells called it a “kick in the teeth,” lamenting the missed opportunity to recover the lost fortune. Despite assembling a team of experts and holding multiple negotiations, he faced insurmountable legal and environmental roadblocks, bringing an end to the saga.
The governor of the Czech National Bank, Aleš Michl, recently discussed the possibility of adding Bitcoin to the country’s foreign exchange reserves. In an interview with CNN Prima News, Michl stated that he was considering acquiring ‘a few Bitcoin’ for diversification purposes, though he emphasised it would not be a major investment. Any such decision would require approval from the bank’s seven-member board.
Despite Michl’s interest, the Czech National Bank is not currently planning to purchase Bitcoin, according to board adviser Janis Aliapulios. The bank is instead focusing on increasing its gold reserves, with a goal to boost holdings to 5% of total assets by 2028. However, Michl has not ruled out the possibility of revisiting Bitcoin as a diversification option in the future.
The growing interest in Bitcoin as a reserve asset comes as the cryptocurrency continues to outperform traditional assets, such as gold, with a 131% rise in value over the past year. Anndy Lian, a blockchain expert, believes Bitcoin’s potential as a reserve asset could redefine financial strategies globally, though its volatility remains a concern.
Meanwhile, the Bitcoin Act in the US is gaining traction, with bipartisan support for creating a strategic Bitcoin reserve. If passed, the act could solidify Bitcoin’s status as a savings technology, with some speculating that its price could surpass $1 million in the future.
Bitcoin has once again breached the $100,000 mark, trading at $101,700 as of 7 January, showing a strong resurgence after weeks of hovering between $92,000 and $98,000. This sharp rise is further fuelled by a massive surge in $120,000 call options, with over $1.56 billion in open interest, suggesting that traders are betting on a rally to new all-time highs. With the market showing renewed optimism, attention is shifting to upcoming changes in US crypto policy under President-elect Donald Trump, which could have a major impact on Bitcoin’s future.
As Trump prepares for his 20 January inauguration, many in the crypto industry are hopeful that his administration will bring a more crypto-friendly regulatory environment. A key change could be the resignation of SEC Chair Gary Gensler, a figure many crypto advocates view as an obstacle to the sector’s growth. His replacement, crypto-friendly Paul Atkins, may usher in a more supportive stance, especially regarding regulations for decentralized finance. Trump’s administration is also expected to explore initiatives like establishing a US Bitcoin reserve, further boosting the industry’s outlook.
Alongside these political developments, Bitcoin’s price performance is also influenced by broader macroeconomic factors. Economic reports in early January, including job creation and consumer sentiment data, could shape investor confidence, particularly if inflation concerns drive more interest in Bitcoin as a hedge against the dollar’s declining purchasing power. The Federal Reserve’s stance on interest rates will be pivotal, with the market expecting a neutral approach but keeping an eye on any unexpected policy shifts.
As Bitcoin pushes towards the $120,000 mark, analysts are divided on its short-term prospects. Some suggest the market is still in a “buy zone”, with potential for significant gains in the coming months, while others caution that market sentiment remains cautious. Regardless, the market is positioned for a potentially exciting year, with Bitcoin’s role as a key reserve asset likely to grow amidst shifting regulatory landscapes and economic conditions.
Bitfinex Derivatives, the derivatives arm of the crypto exchange, has secured a Digital Asset Service Providers (DASP) licence to operate in El Salvador. The move marks a significant shift for the company, which will relocate from Seychelles to the Central American nation. Paolo Ardoino, Bitfinex Derivatives’ chief technology officer, praised El Salvador’s growing prominence as a global financial hub and its commitment to creating robust crypto frameworks.
The approval aligns with El Salvador’s ongoing efforts to develop its crypto infrastructure, especially after the country introduced its Digital Assets Securities Law in January 2023. This regulation simplifies tokenisation, allowing companies to raise capital by issuing tokens tied to assets like debt, equity, and real estate.
Bitfinex has already benefitted from the country’s legal framework, with Bitfinex Securities securing a local DASP licence in April 2023. However, the company faced challenges when it had to refund investors in a tokenisation effort for a Hilton hotel project due to failing to meet the minimum fundraising target. Despite this setback, the move to El Salvador signals a positive outlook for the country’s growing role in the crypto world.
