There is a meeting place on a beach in southwestern Portugal.
You can get there by driving past a boat harbor, oceanside hotels and apartment buildings and then walking down a wooden path through a sand dune. The flag blows in the wind. There are discussions about Cryptocurrencies and a future flow.
Didi Taihuttu, a Dutch investor who moved to town this summer, said that people always doubt when to buy and when to sell. It's solved by being all in.
Katherin Bestandig said, "Anything is possible if you're brave."
There is a bubble of optimism in the bar and community of about 150 people who support the digital currency. Fears over the global economy caused the value of risky assets such as cryptocurrencies to fall. Thousands of investors were injured in the crash. The price of the digital currency peaked at more than $68,000 last year but is now less than half that.
Confidence in Cryptocurrencies is not very high in this Portuguese seaside idyll. Visitors from Europe and beyond come every Friday to share their faith in digital currency. Their cheerfulness and cheer can be found all over Portugal and in other areas of the world.
Paulo Estevo said over lunch at a restaurant in the Portuguese beach town of Ericeira that he and his friends don't sell Cryptocurrencies. He said his holdings were down from the peak.
Portugal is one of the largest hubs for investors and enthusiasts of digital currency. Unlike Italy and France, the government does not tax profits from virtual currency transactions. The cost of living is low and there is an easy path to residency. Since last year, at least 10 luxury homes have been sold to "crypto families", according to the company. They were previously reported by Sifted.eu.
In beach towns such as Ericeira and Lagos, shops and restaurants accept digital currency such as Bitcoins. The capital of Portugal, Lisbon, has become a hub for start-ups related to the digital currency.
Mr. Taihuttu thinks thatPortugal should be the Silicon Valley of the internet. It has everything you need.
The Portuguese government may make a change to the country's status. Fernando Medina, the finance minister, said in May that the government would legislate on the matter. Portugal's annual budget will be released in a few weeks.
The finance ministry wouldn't say anything.
Portugal is popular with the optimists and amateur traders who want to travel and live without a job. This group has made Portugal a base by using money made when the values of digital currencies soared.
Many people in Lagos are inspired by Mr. Taihuttu. He sold most of his possessions in the Netherlands in order to invest in the virtual currency. The price of a single Bitcoins was about $900 at the time. He traveled to 40 countries with his wife and three daughters who haven't received formal education in a year. They referred to themselves as the Bitcoins family.
Mr. Taihuttu became a source of investment advice as his social media following grew. A film crew has been following him for 18 months. He became something of an ambassador for Portugal'sCRYPTO scene this summer after moving there.
He wants to turn Meia Praia into aBitcoin Beach. He is looking for property to build a community.
Mr. Taihuttu had a Jack Daniel's and Coke in his hand. He has long black hair and a tank top that showed off his tan and tattoos.
Ms. Bestandig was one of the people drawn to Portugal.
She said that she and her family had been on the road for over a year. She said that they had made enough from investing in cryptocurrencies to pay for their travel.
The value of ether has fallen in the last year. She has cut costs on food and lodging but is still committed to investing in cryptocurrencies.
She said that they sold their house, cars, and everything else. We want to connect with other people with similar interests.
The collapse of Mt. was one of the stories that almost everyone at Bam Bam had a story about. Gox, a Tokyo-based virtual currency exchange, declared bankruptcy after huge losses of virtual currency.
A lot of people will have to go back to work if the price of cryptocurrencies doesn't recover, according to a tax lawyer.
Mr. Donnelly and other bar regulars said they still believed in the coin.
Thomas Roessler, wearing a black Bitcoin shirt and drinking a beer inspired by the currency, said he had come with his wife and two young children to consider moving to Portugal from Germany. He sold a small apartment in Germany in order to invest more in the digital currency.
Mr. Roessler was worried about the drop in values, but he was confident that the market would rebound. He said that moving to Portugal could lower his taxes and give his family the chance to buy a home. They came to the bar to learn from other people who had moved.
Mr. Roessler said that they had not met many people who lived this way. He paid for the drinks with the virtual currency.
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