Bequia is the second largest island in the Grenadines, a chain of over 600 islands in the Caribbean Sea that belong to the Windward Islands. It is part of the country Saint Vincent & Grenadines. The name Bequia means “island of clouds” in the ancient Arawak language.
Once just a beautiful and peaceful island, things might be about to change as a young real estate developer plans to create the world’s first Bitcoin-based community on this tropical island.
Specifically, the real estate company Storm Gonsalves plans to build 39 luxury villas, along with bars, shops, restaurants, and a clubhouse where friendly residents who love cryptocurrency can pay for everything using Bitcoin, Bitcoin Cash, Ethereum, and Dogecoin.
They can also buy villas with 2 to 5 bedrooms, priced between $1.1 million and $2.3 million, using any of these digital currencies.
Port Elisabeth harbor in Bequia, part of the island nation Saint Vincent & Grenadines.
“Bequia has always been a sailors’ island, a place you come to get away from everyone, with no internet, almost like being on a deserted island,” said Gonsalves, 29, CEO of the real estate company. “But for people my generation, it’s a bit different. They want adventure, like previous generations, but with fast Wi-Fi, and that’s what we’re trying to connect.”
The S-shaped island, the second largest in the Grenadines chain, is now set to become a pioneer for cryptocurrency. This has earned it the nickname “Bitcoin Island.”
“Some of our clients will choose to live there full-time, others will stay only certain times of the year, and when they’re not in their homes, we can rent them out and turn the community into a resort,” he added.
Gonsalves said he was inspired by Felix Dennis, the British publishing mogul who bought rock legend David Bowie’s house.
“The heart of the resort will be the clubhouse, where we’ll have restaurants, bars, a gym, a spa, and a private cinema,” Gonsalves explained. “What I’m especially excited about is the game room. David Bowie once had a house in Mustique, later bought by Felix Dennis. He was one of my early business mentors, and the house Dennis bought from Bowie had an amazing game room with pinball machines, a private stage where you could play guitar and dance. We want to recreate that, along with a community pool, although all villas will have their own built-in pools.”
The Caribbean has many resorts and private communities, but Gonsalves said he wanted to do something completely different with his project.
“The homes are priced in USD but we also offer the option to pay with cryptocurrency. So we will accept Bitcoin, Bitcoin Cash, Ethereum, and Dogecoin, Elon Musk’s favorite,” he said.
“I realized that people holding crypto portfolios are valuable clients, but there’s really no easy way to spend it on property. If we make it super easy for someone to pay with Bitcoin or Dogecoin, I think that will set us apart from competitors,” the CEO added. “With the crypto market valued around $2 trillion, it’s a market you can’t ignore and one that’s currently underserved.”
“Nowhere else on the planet has a $2 trillion market with no real estate developers addressing it. I think many developers avoid this because of irrational fears about cryptocurrency,” Gonsalves said, explaining he’s not worried about the wild price swings or last week’s big sell-off.
“If you bought early, you still have a significant amount, even if it’s a bit less than last week,” he laughed. “For those who believe in Bitcoin and crypto and have made a big investment, the chance to buy property with Bitcoin or any other currency is a way to diversify their portfolio. So if it happens again, they’ll have something in the physical world.”
He also explained that all shops, restaurants, and bars will accept Bitcoin or other approved cryptocurrencies. This community will rely on payment processing systems approved by the U.S. Treasury’s Financial Crimes Enforcement Network.
“It will be as simple as spending cash or using a debit card. We’ll display our wallet address, and when you get your bill, the Bitcoin quote will be valid for 15 minutes,” he added. “Once the transaction completes within those 15 minutes, we won’t have to worry about any volatility.”
Gonsalves hopes to expand Bitcoin payments across the entire island, encouraging everyone to join in with the goal of “spreading the benefits and money around a bit.”
“We’ll encourage and work with them to set up their own payment systems so they can accept Bitcoin too,” he said.
“I spent a lot of my childhood in Bequia, so I’m well known there, and people have come up to me in shops asking when they can start working. Farmers ask when they can start supplying food to restaurants, shops with their crafts, and all that. So the whole island has been very supportive.”
Gonsalves predicts this $50 million development project will generate “a few million dollars” annually for the community once it opens. He also confirmed that people don’t need to own Bitcoin to buy property initially, as assets will be offered in USD. But he hopes residents will “at least be open to the idea of cryptocurrency and its importance in the modern world.”
“I think most people will buy with Bitcoin, based on the response I’ve received so far, because it confirms the philosophy that Bitcoin and crypto are the new means of exchange,” he said.
He admitted he was surprised by the interest in the project, which he hopes will break ground by the end of this year.
The project aims to start construction by year-end. Gonsalves plans to sell 10 villas a year and complete all construction by 2024. But many people have shown interest, and he now expects to sell up to 75% of the villas by the end of this year.
Source: independent
