Beautiful Virgin Islands

Tuesday, Jun 24, 2025

Bitcoin Island: Welcome to the world's first crypto-enabled community

Bitcoin Island: Welcome to the world's first crypto-enabled community

Using cryptocurrencies to buy everything from villas to beers, the island of Bequia is set to become home to a fully Bitcoin-enabled community.

Just over 18 square kilometres in size, the paradise island of Bequia (pronounced ‘Bekway’) is off-grid when it comes to most visitors to the Caribbean, except for celebrities and the odd member of the British royal family.

But attention is set to be firmly focused on the second-largest island of the Grenadines archipelago as it becomes home to the world's first fully Bitcoin-enabled community.

The One Bequia development, where 39 luxury villas are set to be built, will be the first of its kind in the Caribbean to accept Bitcoin as payment for the properties.

Bitcoin will also be accepted as payment for everyday essentials at the development's grocery store as well as at its restaurant, café, and cinema.

'Response to very real challenges'


According to the property developers, the acceptance of cryptocurrency as payment is increasingly more of a necessity than a ploy to attract people's attention.

"The adoption of cryptocurrency is far from a gimmick," explained Storm Gonsalves, the property mogul behind the One Bequia project.

An architect's impression of the One Bequia development.-One Bequia

"It’s a response to the very real challenges faced by island communities increasingly cut-off from mainstream banking facilities.

"Residents of small island nations are finding it increasingly difficult to send and receive money internationally because of 'derisking' by large international banks,” St. Vincent-born Gonsalves added.

"Derisking is when these large institutions remove their intermediary banking services from smaller island-based community banks.

"This prevents the island-based banks from transacting internationally. If this trend continues it means small island nations will be essentially cut off from international trade and commerce. For tourism-based economies, this will be devastating".

It is for this reason in part that the Caribbean has been one of the biggest proponents of finding digital currencies, for instance, as a solution to the growing issue.

"This has pushed many Caribbean island nations to adopt blockchain and other cryptocurrencies a lot faster than other more developed nations. Bermuda, Bahamas, Barbados and now St. Vincent are leading the way in this regard," added Gonsalves.

In March, the Eastern Caribbean became the first digital currency union in the world with the launch of "DCash" across four island nations, St Lucia, Grenada, Antigua and Barbuda, and St. Kitts and Nevis.

'People are still sceptical'


Unlike cryptocurrencies like Bitcoin, which are decentralised and unregulated, the DCash will be backed by a central bank.

The ultimate hope is that it will allow people, particularly on remote islands, and even those without bank accounts, to be able to make secure payments.

While the rest of the Grenadines, including larger neighbour St Vincent, remains more traditional, Bequia - known as the "island in the clouds" - is gaining a reputation for forward-thinking and laid-back luxury.

With that in mind, the developers of the villas, which will be equipped with the latest smart technology, believe they are an attractive investment for people who already invest and speculate on cryptocurrencies.

"Not everyone understands the advantage of cryptocurrencies. People are still sceptical," said Gonsalves.

"Early crypto investors are not your typical speculators and they believe strongly in the philosophy of decentralisation behind Bitcoin/blockchain. They are not your typical speculator".

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Airlines Evaluate Flight Cancellations Amid Escalating US-Iran Tensions
Starmer Invites Innovators to Join Government Talent Scheme
UK Economy’s Strong Opening Quarter Shows Signs of Cooling
Harrods Seeks Court Order to Secure Al Fayed Estate for Victims
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
BBC Demands Perplexity AI Immediately Stop Using Its Content
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
Political Turmoil Resurfaces in Belgium Amid Economic Concerns
Fed policymakers divided on timing of interest rate cuts
Trump signals imminent agreement with Harvard University
Inheritance tax referendum alarms Swiss billionaire community
Japan cancels bilateral security meeting amid US defence demands
AI skeptic Emily Bender warns that ‘the emperor has no clothes’
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
Plans to Sell Dutch Embassy in Bangkok Face Local Opposition
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump's $5 Million 'Trump Card' Visa Program Draws Nearly 70,000 Applicants
DGCA Finds No Major Safety Concerns in Air India's Boeing 787 Fleet
Airlines Reroute Flights Amid Expanding Middle East Conflict Zones
Elon Musk's xAI Seeks $9.3 Billion in Funding Amid AI Expansion
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Taiwan Imposes Export Ban on Chips to Huawei and SMIC
Israel has just announced plans to strike Tehran again, and in response, Trump has urged people to evacuate
Netanyahu Signals Potential Regime Change in Iran
Juncker Criticizes EU Inaction on Trump Tariffs
EU Proposes Ban on New Russian Gas Contracts
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
×