The small and sunny country has recently welcomed the Bitcoin Family to its shores. Closer examination reveals a growing community of Bitcoiners who enjoy the glitter of not paying taxes on their crypto.
When cryptocurrencies first appeared in the financial world, many people were skeptical about them. Governments primarily felt threatened because digital currencies dispelled the need for central banks. Just over a decade later, the mainstream adoption of cryptocurrencies has come a long way.
There is no denying that cryptocurrencies have several advantages, which is why many enthusiasts and investors are joining.
Europe remains a top destination for investors in all fields, and cryptocurrencies are no exception. However, some countries are friendlier than others. So, which countries favor the use and investment of cryptocurrencies? Portugal seems to be one haven for cryptocurrencies, and we will explain the reasons for it.
Portugal: A Haven for Bitcoin investors?
While Switzerland is the most crypto-friendly jurisdiction in Europe, Portugal is getting ahead of itself. In fact, the Republic offers more than just quality-of-life improvements for Bitcoin (BTC) owners, including an attractive tax environment and a growing Bitcoiner community.
Cointelegraph recently interviewed the Bitcoin Family, who recently relocated to Portugal, and learned that there was more to chasing “300 days of sunshine” and “cheap coffee.”
Didi Taihuttu, father and husband of the Bitcoin Family, first spoke to Cointelegraph six years ago. In 2016, he rose to cryptocurrency fame after selling all of his family’s possessions and betting on BTC.
Although Taihuttu’s flamboyant character grabs the headlines, plans for Portugal’s takeover of Bitcoin Beach, as well as budding communities of Bitcoiners, give rise to a pro-bitcoin Portugal, supported by crypto-friendly tax laws and a low cost of living.
Portugal’s beginnings as a Bitcoin-friendly country began in earnest six years ago. A 2016 law from the Portuguese tax authority ruled that since people do not consider cryptocurrencies as currencies, they are not legal tender in Portugal and therefore not subject to tax.
For Taihuttu, the Bitcoin community has exploded since then and there are “many” in Cristiano Ronaldo’s country. He told Cointelegraph that, “I know that the big ones (Bitcoiners) already live in Portugal. They are anonymous. They haven’t gone public like me, but they’re already here. They spend their money on houses, they spend their Bitcoins on everything.”
Merchant adoption is underway: Some Portuguese residents can pay their energy bills in BTC, while Spanish startup BitBase is bringing more Bitcoin ATMs and shops to major cities. Coinmap says that there are already 57 merchants and retailers in the Lisbon area alone that accept Bitcoin.
Businesses that only accept BTC are also emerging in the Iberian country. John Carvalho, CEO of Synonym, recently moved to Portugal, and Aceita Bitcoin, or “Accept Bitcoin,” a non-profit group of BTC enthusiasts, is gaining steam.
Tiago Vasconcelos, the Bitcoiner behind Aceita Bitcoin, inspired by El Salvador’s Bitcoin Beach experiment, has set out to make Bitcoin Lightning payments widely accepted in his country.
He told Cointelegraph that he is “hoping merchants will accept the challenge I sent to experiment with having Bitcoin as a payment option for the summer,” adding that Portugal is “very friendly” to Bitcoin. Vasconcelos explains that, “Portugal is not taxing cryptocurrencies and this may be the best time, especially for people, to start learning about and interacting with technology and get exposed to the best savings account they will ever have.”
Behind the Bitcoin Expansion in Europe: The Taihutu family
Better known as “the Bitcoin Family”, the Taihutus changed their entire lives in 2017 to dedicate themselves body and soul to this well-known cryptocurrency: they sold absolutely everything and invested it in Bitcoin to start a life on the road. “We got into Bitcoin, because we wanted to change our lives,” said Didi Taihuttu, the patriarch of this peculiar family a few years ago.
These Dutch knew how to take advantage of the potential and volatility of the cryptocurrency before it took off, and have managed to live since then thanks to peak values of around $69,000 per Bitcoin. Now they are around $43,000 for each unit.
Portugal effectively doubled its crypto-friendly position in 2021. The country is actively facilitating research activities for Blockchain and crypto companies.
For Taihuttu, moving to Portugal is a no-brainer. “Portugal should become the new haven for Bitcoiners,” he revealed in an interview scheduled for publication.
By Audy Castaneda
