Venture capital firms are bullish on Boracay, Bitcoin and the Lightning Network

As the US banking crisis and regulatory scrutiny continue to unfold, Bitcoin is showing resilience by posting its third consecutive positive month. This recent streak of positive gains for Bitcoin signals strong prospects for the cryptocurrency, the lightning network and the island of Boracay, as expressed by venture capitalists and government leaders during the first Bitcoin Island Retreat, which took place on March 27 to 29, 2023, at the Henann Regency Resort and Spa in Boracay Iceland.

Augie Ilag, HodlCo venture partner and former Sequoia Capital crypto investor, said that Boracay has the potential to revolutionize the money transfer market using the Bitcoin Lightning Network.

“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 haven and a model for other tourist destinations to follow,” Ilag said.

Boracay has become a beacon of Bitcoin adoption and innovation since mid-2022 as Bitcoin payment firm Pouch.ph has onboarded more than 250 locations to accept bitcoin as payment. Through the Bitcoin Lightning Network, Pouch.ph makes sending money to the Philippines faster, cheaper and more accessible to people globally.

Ilag noted that the remittance market in the Philippines is massive, with over $30 billion sent through traditional offline channels such as Western Union, which often charge predatory rates of up to 7%, making it difficult for people to send money home.

“Many foreigners come to Boracay and have a unique need to convert their home currency to domestic currency but do not have access to local e-money providers such as GCash and Paymaya,” Ilag said. He believes that instant payments like Pouch.ph provide a unique solution to the problem of money transfers.

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

Panelists Jack Lee of HCM Capital, Louis Liu of Mimesis Capital, and Mike Jarmuz of Lightning Ventures also jumped on stage to show their bullish stance on Bitcoin and the Lightning Network.

For Liu, the Bitcoin infrastructure has evolved significantly since the 2008 crisis, with new exchanges and applications being built, and has the potential to become a hedge amid today’s global economic challenges.

Meanwhile, Lee and Jarmuz advised attendees to focus on learning about Bitcoin and expressed confidence in supporting early founders and entrepreneurs in the Philippines’ Bitcoin space.

Former Attorney General Florin Hilbay echoed this bullish sentiment towards Bitcoin in a separate panel discussion.

“I’m very bullish about Bitcoin. Any communication system is about speed; it’s about convenience, and it’s about having less friction. I’ve been studying monetary systems for two and a half years, and only Bitcoin is the real money out there for that 21st century Bitcoin is not just a technology, but it is a language that is changing the way we look at value, said Hilbay, who also briefly discussed his book that provides a universal overview of studying Bitcoin.

As Dean of Siliman University, he aims to make Bitcoin a global subject and hopes that Silliman will become a Bitcoin-friendly university and that other universities around the world will follow suit. “We need to educate as many people as possible about Bitcoin because it’s the best lens to understand what’s going on in the world today. Then they get to decide what’s best for them,” Hilbay said.

Bitcoin Island Retreat is organized by Pouch.ph along with crypto exchange and mobile wallet Coins.ph and edutech platform Bitskwela. The Bitcoin maxis and plebs who attended the Bitcoin conference experienced Bitcoin living and realized the power of instant payment through the Lightning Network.

Pouch.ph also announced during the conference that it has tied up with ZEBEDEE, a global next-generation payment processor headquartered in New Jersey, USA, for a broader borderless transaction. This allows users worldwide to send and receive money from any other Lightning wallet or service.

For example, a user in the United States may want to buy a coffee for a friend in the Philippines. They can now easily transfer money from the Cash App to their friend on the other side of the world, who can instantly use those funds to pay in pesos using Pouch.ph.

“We are thrilled to be a launch partner of ZEBEDEE for this new borderless transaction feature as it aligns perfectly with our vision for the financial inclusion of the Philippines,” said Pouch.ph CEO Ethan Rose.

Early this year, Pouch.ph partnered with US fintech firm Strike to allow Filipinos in the US to send money to the Philippines using the Lightning Network.