The price of Bitcoin will be on an upward trend during at least the first three months of Donald Trump's presidency, while the proposed Phuket crypto sandbox will potentially cause Thailand's rate of digital adoption to double from 12% at present, according to the Thai unit of Binance -- the world's leading cryptocurrency exchange.
The world's best-known cryptocurrency rallied to a fresh record high of US$109,000 a few hours before Trump's inauguration as America's 47th president.
Trump's meme coin, known as $TRUMP, surged 73% to $46.06 during Asian trading hours, giving it a market capitalisation of around $9.2 billion.
Bitcoin has surged 80% since the US election on Nov 5, 2024, touching a $108,000 range in mid-December.
"Based on previous US election statistics, the price of Bitcoin is on an uptrend during the first three months of a new presidency that happens every four years," said Korn Poonsirivong, chief strategy officer of Gulf Binance and head of Binance TH Academy.
Given Trump's crypto-friendly policies, the surge in Bitcoin prices might last longer than three months after Trump assumes office, he added.
A record number of pro-crypto officials have been elected across the House of Representatives and Senate. Among the important policies that have been mentioned many times by Trump himself is creating a strategic Bitcoin reserve in the US.
A number of US states are working on their own legislation to create Bitcoin reserves at the state-level. They include Pennsylvania, Florida, Ohio and Texas, according to Binance.
"Taking into account the US's major position across global financial markets and improved sentiment towards crypto, similar developments in many other countries across the world are expected to follow," said Nirun Fuwattananukul, chief executive of Gulf Binance.
Bitcoin, the world's first digital asset, has become the sixth largest global financial asset, with a total market value exceeding $1.95 trillion, surpassing both the British pound and Swiss franc.
"This reflects the transformative trends in the financial and investment landscape, which presents abundant opportunities this year," said Mr Nirun.
Binance, a joint venture between Binance and the SET-listed Gulf Energy Development, operates Binance TH, a digital asset platform under Thailand's Securities and Exchange Commission.
After just one year of operation, Binance TH offers the largest selection of digital assets in Thailand across all categories with more than 350 coins available via its exchange.
The platform aims to increase digital asset adoption among Thai users from 12% in 2024, said Mr Nirun, citing Binance's strategies to further promote Bitcoin literacy in the country and the proposed crypto sandbox in Phuket among the major drivers.
The initiative, proposed by former premier Thaksin Shinawatra, aims to allow Bitcoin to be used as a means of payment in Thailand's major tourism destination of Phuket to drive crypto usage.
"As the first of its kind in Thailand, the Phuket sandbox will potentially drive Thailand's digital adoption by double or even triple following its expected launch this year," saud Mr Nirun.