51% Stake in Bitkub Cryptocurrency by a 114 Years Old Thailand Bank

We have witnessed the rug pull scam in Squid Game Coin (on 2nd November 2021), where a large group of investors has lost their hard-earned money in a few minutes. As this news was the main topic of the debate that whether we should invest in cryptocurrency or not? A positive development happened parallel to it, in which Thailand's oldest bank (144 years old), Siam Commercial Bank Plc (SCBX), has acquired a 51% stake in Bitkub for 17.85 billion baht.

Siam Commercial Bank (SCB) Logo

Worldwide businesses are recognizing the essence of cryptocurrencies. For an instance, ProShares company has entered into the Bitcoin ETFs segment (name: BITCOIN STRATEGY ETF) on 18th October 2021. When giant players draw a roadmap towards the unregulated segment, people start following them, and investments start to pour in.

Aim of Investing in Bitkub by SCB Bank

Siam Commercial Bank (SCB) has stated in its official statement that it has entered into the cryptocurrency segment to achieve long-term growth and strengthen the digital asset biosphere by acquiring a 51% stake in Bitkub. The SCB Bank and Bitkub deal are worth 17.85 billion baht in total.

Bitkub Official Logo

Under this deal, Siam Commercial Bank will become a major shareholder in BitKub, and it will drive the company’s future business decisions.

Start-up Turned into Unicorn

The market capitalization of Bitkub Capital Group Holdings Co., Ltd has increased to 35 billion baht in total after the SCB & Bitkub deal. Furthermore, the start-up has claimed the spot of Unicorn in Thailand.

Deal Relevancy to Thailand’s Economic Growth

Unfortunately, the Bank of Thailand has downgraded the economic growth of Thailand due to the detrimental effects of COVID-19. Earlier the Bank of Thailand stated that the country’s economy will increase by 3.2%, however, the present predicaments in Thailand tells another story. Now, the trajectory of expected growth in the economy is bound to be only 3%.

Bitkub Capital Group Holdings Co., Ltd. Group CEO and Founder Jirayut Srupsrisopa sound optimistic about this deal as the status of Bitkub will be changed to Unicorn and a necessary part of the infrastructure critical for Thailand’s financial industry 3.0.

Conclusion

Nowadays, we can witness that large corporations are inclined towards cryptocurrency. One of the instances is ProShares and the second one is Siam Commercial Bank-Bitkub Deal, which assists in building trust among crypto investors.

It is always suggested that you should put your money in certified cryptocurrency and refrain from investing in newly incorporated cryptocurrency.

Siam Commercial Bank-Bitkub Deal will motivate people to invest in cryptocurrencies and earn a viable rate of return.

Fall of Squid Game – A Cryptocurrency Turned into Nothing

Most of us have heard and watched the Squid Game series, which has generated a massive response from the worldwide audience. Netflix was not aware of its popularity until Squid Game was officially launched on 17^th September 2021 on the platform. The share price of Netflix witnessed a jump of 7% on the New York Stock Exchange (NYSE) after the series was released. Everything seems to be a smooth road for the Squid Game fans, but here is a juncture to the story, a new cryptocurrency came into effect after the success of the series.

Opportunity is everywhere, you have to see thoroughly, and it happened when Squid Game Coin was added to the catalogue of cryptocurrency. It is quite amusing that a cryptocurrency was generated on the show’s name (Squid Game Coin), and it generated thousand percent of returns in a short time.

Launch of Squid Game Coins

Squid Game Coins came into existence after the release of Squid Game on Netflix. As per Coin Market Cap data, it was launched with a mere price of $0.012 USD on 20^th October 2021 and showed a gigantic upside of $32.25 USD on 31^st October (in just 10 days!).

Journey of Squid Game Coin Scam

On the very next day (1^st November 2021), the momentum did not halt and a stupendous breakout happened in the Squid Game Coin, which raised the value to $628.33 with volumes of 10.83 million.

The Decline of Squid Game Coins

Investors were cheerful who had invested in the said cryptocurrency, as the enormous rate of return was earned. However, there is always a risk linked with the cryptocurrency market, and it is called volatility.

After witnessing an upward trajectory to $628.33 on 1^st November 2021, the Squid Game coin could not handle the upside and got crashed to a mere $0.0007 USD on the same day.

Squid Game Coin: A Scam or Just A Fall?

Every cryptocurrency has to face up and low cycle in its price due to demand and supply in the market. The rule is simple – whichever cryptocurrency has large demand and its supply is low, it will have a high price and vice-versa.

However, the case is different in Squid Game Coin because it has generated 2,30,000% returns in ten days, and has crashed to a new low. Nonetheless, promoters of Squid Game Coin have earned a whopping amount of $3.38 million in sales and now the promoters have fled. Unfortunately, the official website of Squid Game coin has been closed. People are citing that the official website of Squid Game Coin had grammatical errors and the social media promoted the website is nowhere to be seen.

Conclusion

Several cryptocurrencies, such as BitCoin (BTC), Ethereum, and Dogecoin, etc are currently operating in the market, and they have generated high profits for their investors. On the contrary, investments in Squid Game Coin have evaporated into the thin air, and there is no coming back.

Investments in cryptocurrency are filled with risks and there is no regulatory body to safeguard the interest of investors.

Frequently Asked Questions on Squid Game Coin

What is Squid Game Coin?

Squid Game Coins are a play-to-earn cryptocurrency, whose value has sky-rocketed after the success of the show (Squid Game) on Netflix.

Should I invest in Squid Game?

The return of investment on Squid Game is 2,30,000% from its launch date, but now it has collapsed 99.99% in its value. It would be advisable to refrain from investing in Squid Game.

Is Squid Game coin a scam?

A debate has initiated in the cryptocurrency biosphere that promoters of Squid Game Coin have looted the money from the investors. The crypto investors have named it a “rug pull” scam.