There's no crypto winter on Portugal's 'Bitcoin Beach'

economictimes.indiatimes.com:

bitcoin bar, on an uncrowded beach in southwestern Portugal, is the meeting place. To get there, you drive past a boat harbor, oceanside hotels and apartment buildings, then park near a sleepy seafood restaurant and walk down a wooden path that cuts through a sand dune. Yellow bitcoin flags blow in the wind. The conversations about cryptocurrencies and a decentralized future flow. “People always doubt when to buy, when to sell,” said Didi Taihuttu, a Dutch investor who moved to town this summer and is one of Bam Bam’s owners. “We solve that by being all in.” Sitting in the sand nearby, another bar regular, Katherin Bestandig, said, “Everything is possible if you’re brave.”

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The bar and community of about 150 crypto supporters around the town of Lagos are a bubble of optimism amid what has become known as the “crypto winter.” This summer, cryptocurrencies such as bitcoin and ether melted down, and crypto companies like the experimental bank Celsius Network declared bankruptcy as fears over the global economy yanked down values of the risky assets. Thousands of investors were hurt by the crash. The price of bitcoin, which peaked at more than $68,000 last year, remains off by more than 70%. But in this Portuguese seaside idyll, confidence in cryptocurrencies is undimmed. Every Friday, 20 or so visitors from Europe and beyond gather at Bam Bam to share their unwavering faith in digital currencies. Their buoyancy and cheer endure across Portugal and in other crypto hubs around the world, such as Puerto

and Cyprus. “We do not sell,” Paulo Estevão, a crypto trader,