Venture capital firms see potential use of Bitcoin in Boracay

Philippine payment operator is bullish about the potential of Boracay as the center of Bitcoin adoption. The company has already onboarded establishments in 250 locations to accept bitcoin as a payment option.

“With Boracay’s unique position as a popular tourist destination with a significant need for currency conversion, it has the potential to become a Bitcoin paradise and a model for other tourist destinations to follow,” Augie Ilag, venture partner at HodlCo and former crypto investor at Sequoia Capital at the first Bitcoin Island Retreat, held in March in Boracay Island.

He also noted that the premier tourist destination may be able to revolutionize the remittance market using the Bitcoin Lightning Network.

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Citing public figures, said that the remittance market in the Philippines sends over $30 billion using traditional offline channels, with transaction rates going up to 7%.

Bitcoin infrastructure

“We are sitting at a unique point in time where we can take advantage of the latest technology to revolutionize the remittance market. Boracay can be at the forefront of this revolution,” Ilag said.

According to Louis Liu of Mimesis Capital, the Bitcoin infrastructure has significantly evolved since the 2008 crisis, with new exchanges and applications being built, and has the potential to become a hedge amid current global financial challenges.

Former Solicitor General Florin Hilbay echoed this bullish sentiment toward Bitcoin.

“Every communication system is about speed it’s about convenience, and it’s about having less friction,” said Hilbay. “I’ve studied monetary systems for two and a half years, and only Bitcoin is the real money out there for the 21st century. Bitcoin is not simply a technology, but it is a language that is changing the way we view value.” 

The Bitcoin Island Retreat was organized by together with crypto exchange and mobile wallet and edutech platform Bitskwela.

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