First Bitcoin Beach, Now Bitcoin Lake
Guatemala joins El Salvador in embracing Bitcoin
Patrick Melder has a plan.
The retired ear, nose, and throat doctor calls himself a serial entrepreneur, and says he’s always searching for the next way to make impact. He thinks he’s found that with Bitcoin, which he’s working to make a viable currency in Guatemala.
“Fundamentally, Bitcoin is ‘freedom money’,” Patrick recently told me. “The opportunity to provide people in developing countries a chance at acquiring property in the form of Bitcoin and to build generational wealth is a game changer.”
I first came across Patrick during a Twitter Spaces event cohosted by Adopting Bitcoin and Galoy. The excitement about his work in Panajachel practically leapt across the connection, and you could feel his enthusiasm for work he believes will improve the quality of life for people who live around Lake Atitlan, one of the most noted tourist destinations in Guatemala.
Patrick plans to start in January 2022 with a educational program fitted for schools around the lake.
“Based on the lessons of Bitcoin Beach in El Zonte, El Salvador, children are more receptive to new technology and Bitcoin in particular,” Patrick said. “So we will be teaching children about Bitcoin and blockchain technology. We want each child to run a full Bitcoin node and eventually create a sustainable mining operation at the school.”
But while Patrick and his team are applying lessons from El Salvador to their startup efforts in Guatemala, he says the two Bitcoin experiments still have different dynamics.
“El Zonte is pretty much a sleepy surf town with about 3,000 residents. Panajachel is about five times that size with nearly 300,000 in the surrounding Lake Atitlan basin,” Patrick pointed out. “We will have more established businesses that will want to participate. Because of these factors, I believe that adoption in Panajachel will happen pretty quickly.”
He says at least one local business owner is already interested in starting a sustainable Bitcoin mining operation, but that local politics will still a challenge. Patrick recently encountered that when he presented idea of Bitcoin to local leaders.
“When people heard the word mining, they automatically assumed we were going to destroy the lake,” Patrick told listeners during his Twitter Spaces forum. “Once they understood what Bitcoin mining is, we knew there would be interest. Most people get that their money is losing value, so once you explain the returns, it’s easy for them to get it.”
Patrick believes this effort is fundamentally about more than just making money.
“We want children to have new opportunities for their future. We want them to be part of an exciting future,” Patrick said. “Bitcoin will lead a technological revolution. We will see an energy revolution with Bitcoin mining.”
And for him, it all starts in January.
To keep in touch with Patrick’s efforts, you can follow him on Twitter at @lakebitcoin, or subscribe to his Medium posts. He’s also the author of the new book, The Christian Case for Bitcoin.
The Crypto Connection is for entertainment purposes only and is not meant to be financial advice. Please do your own research before investing in any asset class. Sara Celi is not a financial advisor, and holds several cryptocurrencies. To purchase her books on Amazon, please click here.