Bitcoin Island in the Caribbean – ‘paradise’ for the world’s first crypto community

Bequia is the second largest island of the Grenadines, a chain of islands in the Caribbean with over 600 islands in the Windward Islands. It is part of the country Saint Vincent & the Grenadines. Bequia means “island of clouds” in ancient Arawak.

Once just a beautiful and peaceful island, things could be about to change for Bequia when a young real estate developer is looking to create the world’s first Bitcoin community on a thermal island. this zone.

Specifically, real estate company Storm Gonsalves plans to build 39 luxury villas, as well as bars, shops, restaurants and a club, where residents are friendly and love to spend money electronics will be able to pay for anything with Bitcoin, Bitcoin Cash, Ethereum and Dogecoin.

They can also buy 2 to 5 bedroom villas, priced between $1.1 million and $2.3 million, in any digital currency.

Port Elisabeth in Bequia, part of the island nation of Saint Vincent & the Grenadines.

“Bequia has always been an island of these sailors, where you go to get away from people, without the Internet, it’s almost like being on a deserted island,” said Gonsalves, 29, CEO of real estate. share. “But for people of my generation it’s a little different, they want adventure, like the previous generation, but they want that adventure with fast Wi-Fi, and that’s what we do. trying to connect.”

The S-shaped island, the second largest in the Grenadines island chain, is now set to become a cryptocurrency pioneer. And this has earned it the nickname “Bitcoin Island”.

“Some of our clients will decide to live in them full-time, others will stay at certain times of the year, and when they’re not in these homes we can sublet and turn the community into a resort,” he said.

Gonsalves said he was inspired by Felix Dennis, the British publishing mogul who bought the house of rock legend David Bowie.

“The centerpiece of the resort is the clubhouse, where we will have our own restaurant and bars, gym, spa and cinema,” explains Gonsalves. “What I’m particularly interested in is the game room. David Bowie used to have a house in Mustique, which was later bought by Felix Dennis. He was one of my early business mentors and the house he owned. She bought it from David Bowie has an amazing game room with pinball machine, a private stage where you can play guitar and dance.We wanted to recreate that, along with a community pool, though all All villas will have their own built-in swimming pool.”

The Caribbean has many resorts and communities of its own, but Gonsalves says he wants to do something different with his project.

“The homes are priced in USD but we also offer the ability to pay in crypto. So we will accept Bitcoin, Bitcoin Cash, Ethereum and Dogecoin – Elon Musk’s favorite product.” I said.

“I realized that people holding very valuable crypto portfolios, there really isn’t an easy way to spend it to buy assets. If we help someone pay with Bitcoin or Dodgecoin became extremely easy, I think that will set us apart from the competition,” the director added. “With the crypto market worth around $2 trillion, it’s a market you can’t ignore and it’s an underserved market.”

“Nowhere else on this planet has a $2 trillion market that no real estate developer tackles. I think a lot of developers don’t offer this out of fear of fraud. cryptocurrency ,” Gonsalves said he was unaffected by the intense volatility in value that accompanies cryptocurrencies, or the sharp sell-off that took place last week.

“If you buy early you’re getting a pretty good amount of money, even if it’s a little less than last week,” he laughs and says. “For those who believe in Bitcoin and cryptocurrencies and have found themselves with a large investment, the opportunity to buy assets in Bitcoin or any other currency is an opportunity to diversify their portfolio. their investment. So if it happens again, they’ll have something in the physical world.”

He also explained that all shops, restaurants and bars will accept payment in Bitcoin or other approved cryptocurrencies. And this community will rely on payment processing systems approved by the US Treasury Department’s Financial Crimes Enforcement Network.

“It will be as simple as spending cash or using a debit card. We will show our wallet address and when you receive your bill, the Bitcoin quote will be valid for 15 minutes.” he explained more. “And when the transaction is completed within those 15 minutes, we won’t have to worry about any volatility.”

Gonsalves also hopes to expand Bitcoin payments across the island, getting everyone involved in the hope of “spreading the benefits and the money around a bit”.

“We will incentivize them and work with them to set up their own payment processing system, to enable them to accept Bitcoin as well,” he said.

“I spent a lot of my childhood in Bequia so I was a known person there, and people came up to me in stores and asked me when they could start working. The farmers asked me when they could start supplying restaurants, or shops with their crafts and all that, so everyone on the island was very supportive of it. “.

Gonsalves predicts that the project, which has a development budget of around $50 million, will generate “several million dollars” per year for the community once it opens. He also asserted that people do not need to own Bitcoin to trade in the first place, as the asset will be offered in USD. But he hopes residents are “at least open to the idea of ​​cryptocurrency and its importance in the modern world”.

“I think most people will buy with Bitcoin, from the reaction I’ve received so far, because it’s a validation of the philosophy that Bitcoin and crypto are the new medium of exchange,” he said.

And he admits he’s been surprised by the interest coming from the project, which he hopes to kick off work later this year.

The project is expected to start construction by the end of this year. Gonsalves aims to sell 10 villas a year and complete construction by 2024. But a lot of people have shown interest and he now predicts selling up to 75% of the villas by the end of the year.

Independent reference