Bitcoin hit a new high of US$106,000 after President Donald Trump suggested the US may create a Bitcoin reserve. Japanese lawmaker Satoshi Hamada has proposed considering Bitcoin as part of Japan's national reserves. Former Thai Prime Minister Thaksin Shinawatra recommended not necessarily investing in Thailand, but researching trends in cryptocurrencies.
Bitcoin hit a new high of US$106,000 (A$166,000) on Monday morning Australian time, and peaked at US$106,488 (A$167,233) just before noon local time. . The rally came after President Donald Trump told CNBC that his administration intends to establish a Bitcoin reserve fund or something similar.
Related: AMP becomes Australia's first super fund to buy $27 million in Bitcoin
His exact words when asked if the US would create a BTC reserve were “Yes, I think so.”
President Trump broached the subject of Bitcoin as a reserve fund during a Bitcoin conference in Tennessee. Senator Cynthia Lummis then introduced a bill to Congress, aptly titled the Bitcoin Act. This stands for “Increasing innovation, technology and competitiveness through nationally optimized investments.”
Bitcoin (BTC), daily chart, source: CoinMarketCap
Lawmaker asks Japan to research Bitcoin
There is a lot of buzz right now about governments creating Bitcoin reserves, with the US, Brazil, Russia, and Poland all in various stages of investing in BTC. Japan has now joined the ranks of countries that are interested in Bitcoin.
Japanese lawmaker Satoshi Hamada has launched a bid to consider adding the largest cryptocurrency to his country's national stockpile. The request was submitted to Congress on December 11th, and is titled “Questions regarding the status of understanding of the movement to introduce Bitcoin reserves in the United States and other countries.''
According to a post on X, Hamada said he would like to know what the Japanese government's position is on this matter, saying, “This issue should be considered.” He also asked whether Japan should consider allocating cryptocurrencies or Bitcoin.
Shouldn't Japan also introduce a system to exchange a portion of its foreign exchange reserves into crypto assets such as Bitcoin?
Satoshi Hamada
Thailand should study Bitcoin, says former prime minister
Meanwhile, another Asian country appears to be considering delving deeper into the world of cryptocurrencies. Former Thai Prime Minister Thaksin Shinawatra said in a speech that Thailand needs to continue researching and experimenting with cryptocurrencies.
Thai publication Money and Banking Online wrote that the former prime minister, in a special speech, did not propose a national reserve fund, but rather to study this area to stay relevant. .
What I'm saying is don't buy it, but that's the trend. Many cryptocurrencies already exist. Some say that in the future there will be more currencies than countries. Today, Thai people need to think and understand this.
Thaksin Shinawatra
Thailand, like Singapore, is one of the few Asian countries to experiment with cryptocurrencies through a dedicated regulatory sandbox. The Securities and Exchange Commission of Thailand (SEC) announced such a regulatory sandbox in early August.
Related: Cigarette-like digital assets bartered in prisons: ASIC executives weigh in
The Thai SEC said it will target a wide range of digital asset services, including exchanges, brokers and fund managers. Participants, selected based on criteria such as capital adequacy and management structure, will be able to test their innovations in Thailand's capital markets under a regulated framework for up to one year, with the possibility of extension. .
