While Switzerland holds the spotlight for being the most crypto-friendly jurisdiction in Europe, Portugal apparently took the same step. Indeed, the republic offers more than just an improvement in the quality of life for owners. Bitcoin (BTC), including an attractive fiscal environment and a thriving Bitcoiner community.
They recently interviewed the Bitcoin Family, who recently moved to Portugal, knowing that there are more steps than chasing "300 days of sunshine" and "cheap coffee".
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Didi Taihuttu, the father and husband of the Bitcoin Family, in 2016, rose to fame in the crypto community after selling all of his family's possessions and going all-in on BTC.
Although Taihuttu's larger-than-life persona made headlines, plans to move to Portugal both on the Bitcoin Coast and the fledgling Bitcoiner community gave rise to a pro-Bitcoin Portugal, backed by crypto-friendly tax laws and low cost of living.
Portugal's Bitcoin-friendly beginnings began in earnest six years ago. A 2016 law by the Portuguese tax authorities ruled that because cryptocurrencies are not considered a currency, they are not legal tender in Portugal and, therefore, cannot be interfered with anymore.
For Taihuttu, the Bitcoin community has since ballooned, and there are "a lot of them" at Cristiano Ronaldo's home ground. He said:
"I know the big ones (Bitcoiners) already live in Portugal. They're anonymous. They're not like me out there, but they're already here. They spend their money on home; They spend their Bitcoins on everything."
Merchant adoption is indeed underway for example some Portuguese residents can pay their energy bills in BTC, while Spanish startup BitBase is bringing more ATMs and Bitcoin stores to major cities. Coinmap said there are already 57 merchants and retailers in the Lisbon area that accept Bitcoin.
BTC-specific businesses are also spawning out of the Iberian country. John Carvalho, CEO of Synonym, recently moved to Portugal, and Aceita Bitcoin, or "Accept Bitcoin," a group of non-profit BTC enthusiasts, discovered that information.
Tiago Vasconcelos, the Bitcoiner behind Aceita Bitcoin, was inspired by El Salvador's Bitcoin Beach experiment. He set his sights on making Bitcoin Lightning payments widely accepted in his homeland.
He told him that he "hopes traders take on the challenge I'm sending to experimenting with owning Bitcoin as a payment option for the summer," adding that Portugal is "very friendly" to Bitcoin. Vasconcelos explains:
"Portugal does not tax cryptocurrencies, and this is probably the best time, especially for people, to start knowing and interacting with technology and being exposed to the best savings accounts they have ever had."
Taihuttu joked in his interview that there is an opportunity for Bitcoin to become legal tender in Portugal. "It's money in El Salvador, maybe soon in Honduras, and you know, hopefully, soon in Portugal because I think Portugal has all the ingredients."
While legal tenders may be far-reaching, the Portuguese Blockchain Association recently stated that regulation of crypto assets is important, but should not "castrate" evolution. Matt Koller, co-founder of Swiss firm Pocket Bitcoin, explains the evolving regulatory landscape.
Koller explained that Portugal's favorable stance on Bitcoin's capital gains "is unlikely to change soon". In his view, "the results of legislative elections in January 2022 show that will most likely not change for now".
He shares why many Bitcoiners have chosen a new place to make it home:
"In addition to having a favorable legal framework for those interested in magic internet money, 300 days of sunshine, beautiful Portuguese people and culture as well as amazing cuisine certainly also play their part."
Plus, given Portugal's "free zone" for technology development, Cointelegraph reports that Portugal is effectively doubling its crypto-friendly position by 2021. The country is actively facilitating research activities for blockchain and crypto companies.
For Taihuttu, moving to Portugal was a no-brainer. "Portugal should be a new paradise for Bitcoiners," he revealed in his interview.