![]() “You prove that it is possible to run some part of the world, even if it’s just one,” said Taihuttu, with a Jack Daniel’s and Coke in hand. ![]() He has goals to turn Meia Praia, the beach where Bam Bam is located, into “Bitcoin Beach.” He is shopping for property to create a community nearby for fellow believers. ![]() This summer, he settled in Portugal and quickly became something of an ambassador for its crypto scene. A documentary film crew has followed him on and off for the past 18 months. They called themselves “the Bitcoin Family.”Īs news outlets covered his family’s story, Taihuttu’s social media following swelled, turning him into an influencer and a source of investment advice. With his wife and three daughters, who have not received any formal schooling since 2017, he then traveled to 40 countries, chronicling every step on social media. At the time, the price of a single bitcoin was about $900, versus about $19,000 today. In 2017, he sold nearly all of his belongings in the Netherlands to invest in bitcoin. Many in Lagos, inspired by Taihuttu, 44, have made their way to Bam Bam bar. Using money made when the values of digital currencies soared over the past few years, this group has made Portugal a base. The finance ministry declined to comment on its plans.įor now, Portugal remains popular with the optimists and amateur traders who are trying to use their crypto investments to travel and live without a traditional job. In May, Fernando Medina, the finance minister, said the government was considering taxing crypto earnings like regular income and “intends to legislate on this matter.” A decision could come next month when Portugal releases its annual budget. Yet the Portuguese government may throw a wrench in the country’s status as a crypto hub. “Portugal should be the Silicon Valley of bitcoin,” Taihuttu said. Lisbon, the capital, has become a hub for crypto-related startups such as Utrust, a cryptocurrency payment platform, and Immunefi, a company that identifies security vulnerabilities in decentralized networks. In beach towns like Ericeira and Lagos, shops and restaurants show their acceptance of digital currencies by taking bitcoin as payment. (The sales were previously reported by .) Vanguard Properties, a real estate company in Portugal, said it had sold at least 10 luxury homes to “crypto families” since last year. It helps that the weather is beautiful, the cost of living low and there is an easy path to residency. Many crypto supporters flocked to the country because the government does not tax profits made from the virtual currencies, unlike Italy and France. In Europe, Portugal has stood out as one of the largest hubs for crypto investors and enthusiasts.
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