Transcript of the above video: 

It appears that Bitcoin is directly in the news here in Thailand. Let me just jump in. I thought of making this video after reading a recent article from the Bangkok Post, bangkokpost.com, the article is titled: Binance backs Thaksin's Bitcoin proposal. Quoting directly: "Former Premier Thaksin Shinawatra's proposal for a pilot Bitcoin payment project is a positive step to boost Thailand's competitiveness..." Why is the "former premier" making any kind of proposals? I thought the whole point of him coming back was he wasn't going to engage in this stuff. Then meanwhile, as I will get into, I have serious questions about the future of Bitcoin insofar as what they are trying to use it for. Quoting further: "..to boost Thailand's competitiveness and attractiveness to tech-savvy visitors, but it first needs the Bank of Thailand to thoroughly study the risk of such a move..." Yeah, you know why? Because it looks a lot to me like a back door initiative to try for this "digital wallet" nonsense that they are trying to have a totalitarian track and trace surveillance grid over all of our transactions here in Thailand; they have tried it for the past year. If anybody calls me some kind of conspiracy theorist over this, that's insane. The former Prime Minister went to the World Economic Forum to discuss all of this stuff. Going to the World Economic Forum is like going to Mordor, okay, for a business meeting. It's terrifying to me, and I'm very glad the Bank of Thailand is going to have to scrutinize this because I do at least have some faith in their reasonableness. Quoting further: "..says the Thai Unit of Binance -- the world's leading cryptocurrency platform." So now we're getting run by cryptocurrency platforms? Is that what I'm hearing? 

Quoting further: "Nirun Fuwattananukul, Chief Executive of Gulf Binance, said the Ex-Prime Minister's suggestion of using Phuket as a Bitcoin sandbox for tourism is extremely positive for the digital asset industry." Yeah, I'm sure it would be. If using M&M's as money was on the table, I'm sure the Mars Group would be very happy to create M&M money. Of course. That said, the structure of this whole sentence, "..said the Ex Prime Minister's suggestion of using Phuket." So now we have got outside if you will Financial forces sort of now talking about the Ex-Prime Minister's suggestion? Where are the actual lawmakers here? And by the way, why are all these people throwing in their hat with all their thoughts on how Thailand needs to go to some digital money situation and none of these people are in a position of a lawmaker, a policymaker, anything. Quoting further: "Quote: "It reflects not only the momentum of global crypto adoption but also demonstrates that leaders at the highest level are embracing these transformative technology.." Are they really? I didn't see anybody at the highest level embracing anything for 10 years until we got this lot back in who all seem to have trundled off the train from Davos and the World Economic Forum. Quoting further: "..as more countries adopt digital assets and crypto currencies, Thailand must not be left behind, he said." They always try to sell it like this. 'You can't be left behind; you can't be left behind.' Remember TPP? You have got to join TPP, or you will be left behind; RCEP or you will be left behind. You will always be left behind. This is a hard sell, okay. 

Meanwhile, I don't know what it is, the US Treasury at all are trying to do with Bitcoin right now, but it seems like a lot of nonsense. Then you have got this whole tether feedback loop where, treasuries coupled with tether, coupled with Bitcoin, it just looks to me like a lot of nonsense and quite honestly, it's antithetical to the very reasoning behind the creation of Bitcoin in the first place. Then on top of that, what was it just recently Google announced their Willow super quantum computer just figured out a problem that would have taken, what, a septillion years in this universe to figure out, and they are now saying, well it's using quantum computing so it's operating in different dimensions. Is it a foregone conclusion that Bitcoin is going to work the way that it does right now, in the way it's going to work in the future? 

My only point with all of this is yet again one of these initiatives that is based on a bunch of pie in the sky, magic bean thinking, and it could have a tremendously detrimental impact on the Thai economy. Now if you want the proof in the pudding of 'does Bitcoin really work the way that they say it works', take a look over at El Salvador. Some years back they said, 'hey we are going all Bitcoin!' Now not so much. They seem to be kind of backtracking on a lot of this stuff. Now I don't know how much of that is political, how much of that is economic, I can't tell you, but what I can tell you is Thailand is ticking along at a pretty good clip right now. I don't understand why we need all this national debt to create digital assets. Then now we are going to create a new “Sandbox” which by the way, the connotation of the last Sandbox, by the end of COVID, I started calling the “Phuket Sandbox”, Devil's Island because it felt like the Island prison the French used to use to just exile people off to, because that's how it was. They got stuck down there for weeks on end on this island. And now they want to turn that Island into a “Sandbox” for this Bitcoin initiative step. Look how about we just get back to sound economics in Thailand and just do the things that have worked?