The Bam Bam Beach bar, on a quiet beach in southwestern Portugal, is the meeting place for hardcore bitcoin fans. To get there, you have to cross the marina, the promenade lined with hotels and private residences, park near a deserted fish restaurant and cross the dune on wooden planks. The yellow flags of bitcoins flutter in the wind. The conversations here are about cryptocurrencies and a future made up entirely of decentralized exchanges.
“People still don’t know whether to buy or sell, explains Didi Taihuttu, a Dutch investor who has come to settle in the city [à Lagos] this summer and one of the owners of Bam Bam Beach. We resolve the issue by being all in the same boat. “
Sitting on the sand nearby, another bar regular, Katherin Bestandig, says:
“Everything is possible, you just have to not tremble”.
The bar and the approximately 150 crypto addicts living in and around Lagos are forming a bubble of optimism in what is called the “cryptocurrency winter”. This summer, cryptocurrencies like bitcoin and ether collapsed and companies in the sector, such as the experimental bank Celsius Network, had to file for bankruptcy.
The uncertainties on the global economy have in fact caused the values of these risky assets to collapse. Thousands of investors were affected by the collapse. The price of bitcoin, which last year exceeded $ 68,000 (€ 69,632), has seen its price drop by more than 70%.
But in this idyllic Portuguese city, trust in cryptocurrencies does not weaken. Every Friday, around twenty visitors from Europe and other countries meet in Bam Bam to share their unshakable faith in digital currencies.
“We have decided not to sell, says cryptocurrency broker Paulo Estevão over lunch at a restaurant in the Portuguese seaside town of Ericeira, where he meets three cryptocurrency investor friends on a weekly basis. He acknowledges that his cryptocurrency holdings have dropped around 80% from the peak, but i
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