Portugal has €100 million in crypto fortunes

There is at least €100 million in crypto fortunes in Portugal according to a back-of-the-envelope calculation made by business daily Negócios based on several sources.

The crypto fortunes are held by both national and overseas investors whose assets have grown by as much as 30% since Donald Trump won the US elections last week.

On Wednesday crypto assets rose to US$90,000 per unit which according to the spokesperson for the Federation of Crypto Economy Associations, Hugo Volz de Oliveira. (FACE)

And the fluctuating cycles of bitcoin, which is leading the value gains of the other main crypto currencies because the weight of capitalisation in the markets, have not put wealthy investors, be they Portuguese or foreign.

“To be honest I have not seen a big impact from the highs and lows of the price of bitcoin”, says Nuno Lima Luz, President of the Portuguese Association of Blockchain and Cryptocurrencies (APBC).

“These investors in Portugal have such vast and diversified assets portfolios that these ups and downs do not have a significant impact.”

Another source in the sector added: “Portugal is at the top of the cryptoassets influx which means that we’re on the crypto road. However, this is not necessarily down to the Portuguese but rather foreigners who are choosing Portugal as a country to live in,” he said.

Moreover, “Portugal has the capacity and the brand to attract foreigners”, he added.

Investment in cryptocurrencies are often founders of large blockchain protocols, companies, and venture capital investors operating in Portugal according to another source.

These founders include people like Steve Waterhouse of Pantera Capital who has been living in Portugal for four years.

Software specialist Gavin Anderson has also actively contributed to the bitcoin network and who is said to be looking for a property in Portugal.

Elon Musk too who has invested in cryptocurrencies such as Dogecoin, was in Portugal in July looking for a house according to the newspaper Sol.

The preferred locations for buying up property are in Lisbon (Estoril and Sintra), but also in the Algarve and Madeira, the latter being a particular favourite refuge for bitcoin fans.

In February, Madeira hosted Bitcoin Atlantis which was attended by the founder of Twitter (Now ‘X’, Jack Dorsey.

And the reasons for choosing Portugal to buy property or to live are legion and range from the country’s security, a tax regime that has been approved and is being implemented, as well as those with property who see in Portugal a safe and secure haven for their physical goods and assets.