On Portugal’s ‘Bitcoin Beach,’ Crypto Optimism Still Reigns

Yet the Portuguese government may throw a wrench in the country’s status as a crypto hub. 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.

The finance ministry declined to comment on its plans.

For 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. Using money made when the values of digital currencies soared over the past few years, this group has made Portugal a base.

Many in Lagos, inspired by Mr. Taihuttu, 44, have made their way to Bam Bam bar. In 2017, he sold nearly all of his belongings in the Netherlands to invest in Bitcoin. At the time, the price of a single Bitcoin was about $900, versus about $19,000 today. 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. They called themselves “the Bitcoin Family.”

Article source: https://www.nytimes.com/2022/09/28/technology/crypto-portugal-bitcoin-beach.html