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Bitcoin to Baht is a crypto-to-fiat pair that tracks the relationship between the world’s most traded cryptocurrency, Bitcoin (BTC), which serves as the base currency, and Thailand’s official currency, the Baht (THB), as the counter currency.
The Baht is a popular Asian means of exchange that currently ranks as the continent’s 7th most traded currency. The value of the Baht was previously pegged to other currencies such as the US dollar, the Japanese Yen, and the British pound until 1997 when the country decided to let the Baht float freely in the foreign exchange market.
The popularity of both BTC and THB among residents of Asia and the Baht’s positive performance against other currencies such as the US dollar and the Euro makes the BTC/THB an attractive crypto-to-fiat pair for traders.
One important similarity that makes the BTC to THB pair an interesting choice is the fact that both Bitcoin and the Baht are frequently used as a payment method for commercial transactions around the world. In fact, the Baht has been ranked as the 10th most frequently used currency in the world for payment purposes, while Bitcoin has also been gaining ground as an alternative payment method.
Traders can profit from price swings in both of the currencies that form the BTC to THB pair by anticipating potential directional price movements in the value of both BTC and THB. Traders can take either long or short positions in BTC/THB to benefit from the pair’s price fluctuations using a contract for difference (CFD).
Bitcoin leads the cryptocurrency market, after being introduced in 2009 as a potential paradigm shift away from traditional government-controlled currencies. Ever since then, BTC and its underlying blockchain technology have disrupted the financial world by creating not just an alternative payment method, but also a new asset class.
Many seasoned investors are bullish on Bitcoin’s potential long term price appreciation as the cryptocurrency continues to gain credibility among the investment community as a suitable financial asset used for portfolio diversification and for high-risk/high-reward transactions.
Furthermore, BTC has also been adopted by both brick-and-mortar and online businesses as a suitable payment method to settle day-to-day commercial transactions and this also contributes to increasing its demand over time.
Thailand, on the other hand, is a big Asian country with a population of nearly 70 million people and a Gross Domestic Product of approximately $1.3 trillion (£1.04trn, €1.19trn), which makes it the 20th largest country based on the size of its economy.
The Baht has long been Thailand’s official currency and it is rated among the top performing currencies in the world. It is issued and controlled by the Bank of Thailand, which is in charge of the country’s monetary policy.
Traders can benefit from BTC/THB price swings by taking long or short positions on this crypto-to-fiat pair using Capital.com’s proprietary trading platform which features a real-time price chart and changes a 0 per cent commission on trades.
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