A growing number of crypto supporters are flocking to the beach resorts of Bali to live out their fantasies of a digital utopia. 

According to a report by Financial Times (FT), Bali has become the premier destination for the world’s crypto enthusiasts. The report profiles the experience of 33-year-old Russian blockchain entrepreneur Ilia Maksimenka, who moved to the Indonesian island in 2020 after the outbreak of Covid-19. 

Maksimenka said it was easy to meet other like-minded internationals in Bali, calling the region a “hub of crypto.” He also noted the cheap lifestyle compared to other tech hotbeds. 

He told FT:

When you come to Bali, you have maybe a 10 times cheaper life than in California. But you have the same comfort level and much higher quality of food. People prefer to come here and live the tropical life. 

Emilio Canessa, an Italian who works for blockchain business Dfinity, said it was becoming a normal part of Bali life to see Lamborghinis parked about. He told FT that people were beginning to call the island “Silicon Bali.”

Citing data from Indonesian crypto exchange Tokocrypto, the report claims Bali crypto users have leaped to 37,660, up from just 808 at the start of 2021. Antria Dwi Lestari, who works for Tokocrypto in Bali, told FT that the ex-pats typically fit a particular mold of “white males,” and “people in their early twenties.”

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The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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