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Island nation of Madeira hopes to copy El Salvador’s Bitcoin success

The President of Madeira, Miguel Albuquerque, announced his explicit support for Bitcoin in May, saying BTC and Bitcoiners are welcome.

The President further added that plans are in place with infrastructure startup Jan3 to broaden integrations with the local economy.

“Me, and Samson [Mow], and Jan3, [are] going to continue to work to the future… and to create, in Madeira, a fantastic environment for Bitcoin.”

Approaching six months since the announcement, a panel of board members advising the Madeira project discussed the matter at Bitcoin Amsterdam.

The Bitcoin inflection point

The panel consisted of Daniel Prince (Podcaster) moderating, Troy Cross (Bitcoin Policy Institute,) Jeff Booth (Entrepreneur,) Knut Svanholm ( Author,) and André Loja (Madeira resident).

Speaking about the project, Booth said when first invited, he was curious about sounding out the situation in terms of whether the President was serious about Bitcoin adoption, especially in terms of consideration of the long-term, including potential E.U. resistance.

Expanding on the last point, Booth broached the possible scenario that a financial collapse could end the fiat money system, leading to a future inflection point for global governments.

“As the system breaks down, governments are going to be faced with choices, and they are going to ride the fiat horse or the Bitcoin horse, and for a while, they are going to have to ride two horses and then they are going to have to choose.”

Based on meetings with the President, Booth said he understood the Madeiran administration to be seriously committed to developing Bitcoin infrastructure, despite the potential conflict that could bring with the E.U.

Drawing parallels with Bitcoin Beach, a dedicated ecosystem popular with tourists located in El Salvador’s El Zonte, Booth said Madeira could be considered Europe’s version.

How are things progressing?

Tabling a question from the audience on autonomy from Portuguese rule and merchant adoption takeup, Loja explained that Madeira has its own parliament but is still limited in terms of overruling…

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