In Europe, Portugal has stood out as one of the biggest hubs for crypto investors and enthusiasts. He said his crypto holdings were about 80 percent below the peak, but added, "I'm investing more." "We haven't sold," said Paulo Estevão, a crypto trader, over lunch at a restaurant in the Portuguese beach town of Ericeira, where he meets weekly with three other friends who invest in cryptocurrencies. Their buoyancy and joy endures in Portugal and other crypto centers around the world, such as Puerto Rico and Cyprus. Every Friday, about 20 visitors from Europe and beyond gather at Bam Bam to share their unwavering faith in digital currencies. The price of Bitcoin, which peaked at over $68,000 last year, is still down more than 70 percent.īut in this Portuguese seaside idyll, confidence in cryptocurrencies is unaffected. Thousands of investors were hurt by the crash. The bar and community of about 150 crypto supporters around Lagos City are a bubble of optimism in the midst of what has become known as the "crypto winter." This summer, cryptocurrencies like Bitcoin and Ether melted down, and crypto companies like experimental bank Celsius Network declared bankruptcy as fears about the global economy drove down the values of risky assets. Sitting on the sand nearby, another bar regular, Katherin Bestandig, said, "Anything is possible if we are brave." "People always doubt when to buy, when to sell," said Didi Taihuttu, a Dutch investor who moved to the city this summer and is one of the owners of Bam Bam.
Conversations about cryptocurrencies and a decentralized future flow. To get there, you pass a boat harbor, seaside hotels and apartment buildings, then park near a sleepy seafood restaurant and walk along a wooden path that crosses a sand dune. LAGOS, Portugal - The Bam Bam Beach Bitcoin bar on a uncrowded beach in southwestern Portugal is the meeting point.
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