How The 'Bitcoin Beach' In Portugal Has Remained Busy & Optimistic Despite Crypto Market Meltdown

Amid the crypto market meltdown, with investors losing millions or even billions, and crypto companies laying off employees or going bankrupt, one place seems to be untouched by all this chaos. It's the ¡®Bam Bam Bitcoin Beach,¡¯ a bar on an uncrowded beach in southwestern Portugal, which is a popular meeting place for crypto enthusiasts.

Portugal's 'Bitcoin Beach' Remains Optimistic Amid Crypto Meltdown

To reach the place, people need to drive past a boat harbour, oceanside hotels and apartment buildings, then park near a sleepy seafood restaurant and walk down a wooden path that cuts through a sand dune. Yellow Bitcoin flags can be seen blowing in the wind. The conversations about cryptocurrencies and a decentralized future flow at the beach, as per a report in New York Times.

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¡°People always doubt when to buy, when to sell,¡± said 44-year-old Didi Taihuttu, a Dutch investor who moved to town this summer and is one of Bam Bam¡¯s owners and lives there with his ¡®bitcoin family.'

¡°We solve that by being all in¡±, he says. Sitting in the sand nearby, another bar regular, Katherin Bestandig, said, ¡°Everything is possible if you¡¯re brave.¡±

The bar and community of about 150 crypto supporters around the town of Lagos are a bubble of optimism even amid what has become known as the ¡°crypto winter¡± amid the crypto market meltdown. This summer, cryptocurrencies such as Bitcoin and Ether melted down, and crypto companies like the experimental bank Celsius Network declared bankruptcy.

But in this Portuguese bitcoin beach, confidence in cryptocurrencies remains undimmed.

Every Friday, 20 or so visitors from Europe and beyond reportedly gather at Bam Bam to share their unwavering faith in digital currencies. Their buoyancy and cheer endure across Portugal and in other crypto hubs around the world, such as Puerto Rico and Cyprus.

¡°We do not sell,¡± Paulo Estev?o, a crypto trader, said over lunch at a restaurant in the Portuguese beach town of Ericeira, where he meets weekly with three other friends who invest in cryptocurrencies. He said his crypto holdings were down about 80% from the peak but added, ¡°I¡¯m investing more.¡±

In Europe, Portugal has stood out as one of the largest hubs for crypto investors and enthusiasts, and is no less than a bitcoin heaven. Many crypto supporters flocked to the country because the government does not tax profits made from virtual currencies, unlike Italy and France.

Besides that, it helps that the weather is beautiful, the cost of living is low and there is an easy path to residency.

Vanguard Properties, a real estate company in Portugal, said it had sold at least 10 luxury homes to ¡°crypto families¡± since last year, as per the report.

In beach towns like Ericeira and Lagos, shops and restaurants show their acceptance of digital currencies by taking Bitcoin as payment. Lisbon, the capital, has reportedly become a hub for crypto-related start-ups such as Utrust, a cryptocurrency payment platform, and Immunefi, a company that identifies security vulnerabilities in decentralized networks.

¡°Portugal should be the Silicon Valley of Bitcoin,¡± Bitcoin family¡¯s Mr. Taihuttu said. ¡°It has all the ingredients.¡±

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Also Read: Businesses In Singapore Begin Accepting Crypto Payments

'Bitcoin Family' Inspiring People

Many in Lagos, inspired by Mr Taihuttu, 44, have made their way to Bam Bam bar. In 2017, he sold nearly all of his belongings in the Netherlands to invest in Bitcoin. At the time, the price of a single Bitcoin was about $900, versus about $19,000 today. With his wife and three daughters, who have not received any formal schooling since 2017, he then travelled to 40 countries, chronicling every step on social media. They called themselves ¡°the Bitcoin Family.¡±

This summer, he settled in Portugal and quickly became something of an ambassador for its crypto scene.

As per the report, Ms Bestandig was among those who Mr Taihuttu drew to Portugal. Originally from Germany, she said she and her family had been on the road since 2020. They had made enough from investing in Ether and other cryptocurrencies over the past few years to pay for their travels, she said. Ether¡¯s value has fallen about 60% in the past year, which Ms Bestandig said was painful. She has cut costs on food and lodging but remains committed to cryptocurrency investing and said her family had enough money to continue their current lifestyle.

¡°We sold our house, our cars, our everything,¡± she said. ¡°We¡¯re trying to connect with other crypto-minded people.¡±

Another person, named Thomas Roessler, wearing a black Bitcoin shirt and drinking a beer ¡°inspired by¡± the currency, said he had come with his wife and two young children to decide whether to move to Portugal from Germany. He first invested in Bitcoin in 2014 and, more recently, sold a small rental apartment in Germany to invest even more.

Mr Roessler was concerned about the drop in crypto values but said he was convinced the market would rebound. Moving to Portugal could lower his taxes and give his family the chance to buy affordable property in a warm climate, he said. They had come to the bar to learn from others who had made the move.

¡°We have not met a lot of people who live this way,¡± Mr Roessler said, and bought another round of drinks by paying for them with Bitcoin.

Also Read: Opening This Year! An Island Named After Bitcoin Developer Satoshi Nakamoto

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