Why Boracay is Poised to Become a Bitcoin Island
Boracay, a jewel in the Philippines’ crown of tropical paradises, is renowned for its powdery white beaches, crystal-clear waters, and vibrant nightlife. However, this small island, with a population of just 35,000, is on the cusp of earning a new title: “Bitcoin Island.” Thanks to innovative initiatives, a supportive regulatory environment, and the island’s unique position as a global tourist hotspot, Boracay is rapidly transforming into a hub for cryptocurrency adoption, particularly Bitcoin. Here’s why Boracay is set to become a trailblazer in the world of digital currency.
The Pouch.ph Initiative: Pioneering a Bitcoin Micro-Economy
At the heart of Boracay’s transformation is Pouch.ph, a cryptocurrency wallet provider founded in 2021 by American expatriate Ethan Rose. Since mid-2022, Pouch has been aggressively promoting Bitcoin adoption on the island, leveraging the Bitcoin Lightning Network to enable fast, low-cost transactions. The Lightning Network, a layer-2 scaling solution, allows for near-instantaneous payments with fees as low as 1% or less, a stark contrast to the 7% fees and multi-day delays often associated with traditional remittance services like Western Union.
As of early 2023, Pouch had successfully onboarded over 250 businesses across Boracay, including restaurants, cafes, hotels, water sports operators, and even local carinderias (roadside eateries), to accept Bitcoin payments. This has created a vibrant micro-economy where tourists and locals alike can pay for everything from fine dining to fresh produce using Bitcoin.