Bequia – The first Bitcoin community
| 29 August 2022
Measuring just 18 square kilometers, beautiful Bequia is the second largest island in the Grenadines. Known to locals as “the island in the clouds”, Bequia (pronounced ‘beckway’) has fewer than 6,000 residents and has until now been off the grid for most Caribbean visitors.
With its beautiful white sandy beaches and lush green mountains, Bequia has welcomed the odd celebrity to take a dip in the deep blue sea from their anchored yacht or to drink at one of the straw beach bars.
It has also hosted royalty, with the Queen and her late husband Prince Philip visiting in 1985. Princess Margaret Beach was actually named after the King who swam in the waters in the 1950s. Bequia has been content to keep a low profile compared to its neighbor Mustique, the celebrity playground nine miles away, across the dazzling blue sea.
The One Bequia development
A young Caribbean property developer, Storm Gonsalves, wants to change the idyllic island’s skyline forever. He plans to create the world’s first Bitcoin community, where cryptocurrency will be taken as payment for everyday things like buying groceries, eating out at a restaurant or even buying a ticket to see a movie at the community cinema.
The One Bequia development will see the construction of 39 luxury villas with pools, bars, shops, restaurants and a clubhouse, with its own private gym, spa and cinema. Buyers will be able to purchase the two- to five-bedroom villas with a price range from $1.1 million to $2.3 million in digital currency or US dollars.
Locals on Bequia will continue to use the Eastern Caribbean dollar, which features Queen Elizabeth II on both notes and coins. Goods and services will also be offered in dollars, but it is hoped that crypto-friendly residents will choose to use Bitcoin, Ethereum, Dogecoin or Bitcoin Cash.
What is Bitcoin?
Bitcoin is a decentralized digital currency, not dependent on any government or central bank, but on a network of computers (blockchain) that regulates its production and value. Bitcoin started the crypto boom when it completed its first transaction in 2009.
There are over 10,000 products on the cryptocurrency list, but Bitcoin remains at the top of the list for value. It is a well-known fact that the five most valued cryptocurrencies account for over 75% of all cryptocurrency value – these include Bitcoin, Ethereum, Dogecoin and Bitcoin Cash.
Investors keep a close eye on cryptocurrency prices to inform trading, but Bitcoin appears to be a safe bet due to its consistency in holding the top spot. At the time of writing, measured by market capitalization, Bitcoin holds the top position with a value above $24,000.
Ethereum is in second place with a price of just over $1,900. Cryptocurrency prices for Dogecoin and Bitcoin Cash are lower in value, but it is clear to see that Bitcoin is definitely the market leader.
Is it just a marketing ploy?
The One Bequia development team, led by Storm Gonsalves, son of Ralph Gonsalves, Prime Minister of St Vincent and the Grenadines, strongly denies this is a marketing gimmick. Instead, they insist that accepting cryptocurrency payments is becoming more of a necessity than a gimmick.
Storm Gonsalves argues that residents of small islands find it increasingly difficult to send and receive money internationally due to “de-risking” from large international banks. De-risking is when large institutions remove intermediary banking services from smaller, island-based community banks.
One Bequia’s development manager also stated that if this trend were to continue, it would result in small island nations being “cut off” from international trade and commerce. For tourism-based economies, this will be devastating.
It is for this reason that many Caribbean island nations are adopting blockchain and other cryptocurrencies much faster than other more developed nations, as a solution to the growing problems. Storm Gonsalves believes Bermuda, Bahamas, Barbados and now St Vincent are leading the way.
In March 2021, the Eastern Caribbean established itself as the first digital currency union in the world, launching DCash across four island nations: Antigua and Barbuda, Saint Kitts and Nevis, Grenada and St. Lucia.
Proceeding
One Bequia expects development of the 39 villas, bars, restaurants and clubhouse to be completed by 2024. The villas will be equipped with the latest in smart technology and the development team believes they are an attractive investment for those accustomed to investing and speculating in the cryptocurrency markets .
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