Crypto Scene in Portugal Thrives Amid U.S. Regulations, 2023.
In the northernmost reaches of Lisbon, Portugal, lies Campo Pequeno, a neo-Moorish bullring that has witnessed countless battles of defiance and determination.
This historical arena serves as a meeting ground for two seemingly disparate groups: matadors and Bitcoin maximalists. While their battles may differ in form, they share a common spirit of rebellion against the established order.
Matadors, adorned in flamboyant attire, face off against charging bulls, engaging in a perilous dance where survival hinges on their ability to dominate nature’s instincts.
On the other hand, Bitcoin maximalists, donned in digital currency knowledge and cryptographic code, wage a battle against the financial establishment, envisioning a world revolutionized by decentralized ledger technology.
Every month, Lisbon’s most passionate Bitcoin enthusiasts, a diverse mix of expat digital nomads, gather within the 19th-century walls of Campo Pequeno. Here, they savor Licor Beirão, exchange ideas, and passionately advocate for a world powered by Bitcoin.
This unique venue serves as a metaphor for the rollercoaster ride that Bitcoiners often endure—a volatile journey with periods of extreme price fluctuations, known as “crypto winter,” that can last for years.
One of the regulars at these gatherings is Lorenzo Primiterra, a software engineer with a rebellious spirit.
With chipped black nail polish and small black hoop earrings, he epitomizes the unconventional ethos of the Bitcoin community. A tattoo on his right inner forearm, boldly declaring “WHAT’S MY AGE AGAIN?” reflects his Peter Pan-like demeanor.
Originally from Italy, Primiterra has spent two of the past seven years in Portugal. As he sits at a picnic table near the massive arena, he recounts how the first Bitcoin gathering at Campo Pequeno took place in the spring of 2022, shortly after the collapse of Terra Luna—a prominent U.S. dollar-pegged stablecoin project.
The sudden implosion of Terra Luna erased half a trillion dollars from the cryptocurrency market, leaving many investors in despair.
“A lot of people got burned in that,” Primiterra recalls. “I guess a lot of people became Bitcoiners from that event. They understood the importance of self-custody of Bitcoin, keeping it on the blockchain rather than on other chains.”
The series of cryptocurrency bankruptcies, token failures, and revelations of alleged criminal activities within the industry served as a wake-up call for many. It reaffirmed Bitcoin’s status as the reigning king of cryptocurrencies.
Despite the fervor within this community, Lisbon as a city remains relatively blockchain-agnostic.
Night after night, the city hosts various industry gatherings, including recurring events like Web3 Wednesdays and Crypto Fridays at The Block, a popular co-working space where cryptocurrency enthusiasts congregate. Additionally, Lisbon hosts major industry conferences like Web Summit and NearCon.
“I remember, two years ago, there was supposed to be an Ethereum event here,” Primiterra reflects. “Then Solana organized another event, and then they said, ‘Well, let’s do a blockchain week,’ and then it became a blockchain month.”
During the bull market, Primiterra found himself attending various blockchain events, mainly for the allure of complimentary drinks. The crypto ecosystem had blossomed, with each blockchain project striving to attract attention and support.
As Campo Pequeno hosts both bullfighting and Bitcoin gatherings, it serves as a symbolic stage for these disparate battles. Matadors strive for dominance in the arena, while Bitcoin maximalists aim to overthrow traditional financial systems. Both groups defy the status quo in their pursuit of success, and while their methods may differ, their commitment to their respective causes remains unwavering.
In the midst of this eclectic convergence, Lisbon stands as a hub for blockchain innovation and crypto culture. It is a place where crypto enthusiasts, from Bitcoin maximalists to supporters of various altcoins, come together to exchange ideas, share experiences, and chart the future of decentralized finance.
As the world watches the ongoing evolution of cryptocurrencies and blockchain technology, Lisbon remains a city where bullring and Bitcoin enthusiasts meet, celebrating the spirit of rebellion, determination, and the belief in a new financial order.
In cryptocurrency investments, Lisbon has recently taken the spotlight as the most important global crypto hub, surpassing well-established centers like New York, Berlin, and Singapore. This recognition comes from the crypto investment firm Greenfield, which cited Lisbon’s burgeoning decentralized finance (DeFi) scene and favorable tax policies as key factors in its top-ranking status.
Despite some recent government efforts to scale back incentives for foreign investors, Portugal’s tax regime remains significantly more advantageous compared to many other European countries. This financial appeal becomes even more pronounced as the overall cryptocurrency market capitalization is currently nearly 60% below its all-time high.
Additionally, Lisbon offers attractive perks such as the newly launched digital nomad visa and a lower cost of living compared to other Western European cities. These factors combine to create an ideal expatriate enclave for tech enthusiasts eager to save money while immersing themselves in the world of blockchain and cryptocurrencies.
One prominent figure in Lisbon’s crypto scene is Lorenzo Primiterra, a globetrotting software engineer who has visited approximately 50 countries in the last seven years. During the pandemic, he made a significant commitment to Lisbon by purchasing an apartment in an up-and-coming neighborhood just outside the city centre.
Multiple factors, including the vibrant community of like-minded individuals influence his decision to settle in Lisbon.
Primiterra’s passion for technology extends beyond the realm of cryptocurrency. He’s open to engaging with projects even if they are technically flawed, expressing a willingness to explore solutions to complex problems like double-spending.
His genuine interest in technology innovation drives him to participate in discussions and offer counterarguments to push the field’s boundaries.
While Primiterra is closely connected to the Ethereum community, he also hints at his latest endeavor—a Bitcoin-focused co-working space. This project underscores Lisbon’s emergence as a hub for investment, collaboration, and innovation in cryptocurrency.
Lisbon’s rise to crypto prominence is not merely a result of favorable tax policies and financial incentives. It’s a testament to the city’s ability to foster a thriving and diverse ecosystem of crypto enthusiasts, developers, and entrepreneurs.
As the global crypto landscape continues to evolve, Lisbon stands as an attractive destination for those seeking to be part of the digital financial revolution while enjoying the benefits of a vibrant and supportive community.
Lisbon, Portugal, has earned its reputation as the “San Francisco of Europe” due to its striking similarities with the Californian tech hub. Both cities feature steep streets, breathtaking vistas, hilly terrain descending to picturesque beaches, iconic dual-towered suspension bridges, and charming old-fashioned trams weaving through narrow streets.
Beyond their physical resemblance, Lisbon and San Francisco share another commonality: they are both magnets for tech enthusiasts and entrepreneurs.
Jemson Chan, a software tester from Singapore, moved to Lisbon nine months ago, drawn by its quality of life, a burgeoning tech scene, and numerous tech startups. Although his current job is not crypto-related, Chan’s true passion lies in Bitcoin and decentralized technologies.
Guy Young, the CEO and founder of crypto startup Ethena Labs, echoes Chan’s sentiments. He praises Lisbon for its unique blend of picturesque architecture, rich history, top-tier restaurants, pleasant weather, and a thriving crypto community. Many others share Young’s view, as evidenced by Portugal’s high ranking on the Global Peace Index and its status as a top destination for expats.
Portugal’s appeal is further bolstered by clear cryptocurrency regulations within the European Union, thanks to the Markets in Crypto-Assets (MiCA) law. These regulations provide a stable framework for operating crypto businesses and investing in digital tokens in the eurozone, making it an attractive destination for crypto enthusiasts and entrepreneurs.
For Jemson Chan, Portugal offers a more hospitable environment than the United States, which has seen regulatory crackdowns on centralized exchanges like FTX. Grassroots efforts are flourishing in Portugal, with decentralized platforms like Pocket Bitcoin, RoboSats, Bisque, and Peach emerging to facilitate Bitcoin transactions.
Lorenzo Primiterra, a former internet censorship measurement specialist, now volunteers his coding skills for Bitcoin Map, an open-source tool for locating merchants that accept Bitcoin worldwide. While Lisbon is crypto-friendly, city businesses have hesitated to accept Bitcoin as a form of payment.
Seb True, a full-stack engineer from the UK, moved to Lisbon after a brief visit for a Bitcoin gathering. He quit his full-time job to focus on global travel and Bitcoin education, emphasizing the principles of sound money and libertarianism. True is expanding his educational modules, known as The Bitcoin Student, leveraging his engineering background.
Lisbon’s appeal for True extends beyond its crypto-friendly atmosphere. Having previously conducted underground Bitcoin workshops in countries where cryptocurrency is illegal, he appreciates the freedom to educate people about decentralized virtual money without fear of persecution.
For True, Lisbon is an ideal base to grow his Bitcoin education enterprise, thanks to its vibrant community of like-minded individuals who are passionate about making a difference and collaborating on projects for the greater good.
In summary, Lisbon’s charm, combined with its crypto-friendly environment and regulatory clarity, has positioned it as a European hub for tech enthusiasts, crypto entrepreneurs, and educators eager to explore the possibilities of blockchain and cryptocurrency technology while enjoying a high quality of life.
