The man turning Madeira into Bitcoin Island

Madeira, a lush, volcanic island in the Atlantic Ocean, may seem an unlikely hub for cryptocurrency adoption. But thanks to the efforts of one man, this Portuguese territory is quickly becoming a Bitcoin oasis.

"You can live on a Bitcoin standard in Madeira now," says Andre Loja, founder of the Free Madeira project. In just a few short years, Loja has helped onboard more than 140 local businesses to accept Bitcoin directly, making it possible for residents and visitors to transact entirely in crypto.

Building a Bitcoin economy in Madeira

Loja's mission began in 2022, when he announced the Free Madeira initiative at the Bitcoin Conference in Miami. The goal was simple: transform Madeira into a crypto-friendly destination, where the benefits of decentralized finance could be realized.

"We focus a lot on the education part, on the merchant adoption part," Loja told The Crypto Radio. "We have Charlie, our "white rabbit", who goes to all the merchants and teaches them how to use the network, how to use the payment system, and the Lightning system."

The Lightning Network, a layer-2 protocol built on top of Bitcoin, has been crucial to Madeira's crypto success. By enabling near-instant, low-cost transactions, Lightning has made Bitcoin a viable payment option for everyday purchases.

Government support and legal roadblocks

Loja's efforts extend beyond just merchant adoption. He's also working to change perceptions of Bitcoin at the government level. As a semi-autonomous region of Portugal, Madeira doesn't have full legislative control – a challenge Loja is navigating carefully.

"We cannot create our own laws regarding Bitcoin," he explained. "So, for example, there was the question in the beginning, if Madeira could create Bitcoin legal tender law. But that is not possible, because we are dependent on the mainland Portuguese government and also the EU above us."

Despite this limitation, Loja has found a receptive audience in Madeira's local leadership. The island's president has actively supported the Free Madeira project, even appearing alongside Loja at Bitcoin conferences.

"The President was very welcoming," Loja said. "He even came on stage twice... in Miami in 2022 and in Amsterdam in 2023, and he wants to he supports the initiative. He supports the community. He thinks Bitcoin is the future of the financial trade, and doesn't want Madeira to be left behind on the development."

Beyond Bitcoin payments – education, investment, and community

Loja's efforts have also included organizing the Bitcoin Atlantis conference, a massive event that drew more than 3,000 attendees and featured speakers such as twitter founder Jack Dorsey and Strategy CEO Michael Saylor. However, Loja doesn't want the conference to be an annual affair.

"We are not supposed to be conference organizers," he said. "If we did it every year, we would turn Free Madeira into a conference organizer, which is not the goal. We are really focused on the community, on the education, and all the other projects that we have to put through."

Beyond the conference, Loja has other irons in the fire. His Monstera Books project aims to translate key Bitcoin literature into Portuguese, while a new investment fund will allow non-EU residents to gain Portuguese residency through Bitcoin-focused investments.

"We will differentiate from other investment funds in Portugal, because we will invest in Bitcoin directly," Loja said.

With its stunning natural beauty, welcoming government, and growing crypto ecosystem, Madeira is quickly emerging as a unique Bitcoin destination. And thanks to the tireless efforts of Andre Loja, this island paradise may soon be synonymous with the future of finance.

 

Listen to the whole interview on The Crypto Radio's live player or in Guardians of Bitcoin podcast.