Bitcoin’s popularity in the Pacific region continues to grow as the buzz expands into the borders of Guam with the help of USI-TECH, a foreign exchange company based out of the UAE.
USI-TECH Hosts Bitcoin Convention
The tech-company organized a convention in the territory this week, which was held at the Pacific Star Resort and Spa. Over 300 people attended the convention to hear speakers talk to them about the pros and cons of investing in Bitcoin.
The turnout was impressive, considering Guam’s small population and relative isolation from the rest of the world.
Indeed, one of the participants commented on the size of the gathering saying that just a few years ago such a seminar would have been lucky to get a handful of people to show up.
The audience was diverse with a broad range of age groups being represented, from millennials to baby boomers.
Mike Keifer, head of marketing at USI-TECH, noted that Bitcoin was still a relatively volatile asset, but that it could still provide a strong return to those who invest in it as long as they were willing to ride out the fluctuations.
Furthermore, Hank Rice, a local resident of Guam, said that his friends has introduced him to Bitcoin but that he was skeptical because he couldn’t understand how it would make money.
His skepticism quickly faded after his initial investment doubled in a short amount of time.
“… It started at $400 per bitcoin when I first got in, but it reached $2,300 at one point. That was an eyeopener and I realized this is a thing that is worthwhile, that is worth investing in.”
Bitcoin’s Continued Popularity Among Pacific Islanders
USI-TECH is a self-described technology company that specializes in the development of automated trading software in the FOREX market, a decentralized over-the-counter market for the trading of currencies.
The success of their Bitcoin convention doesn’t just demonstrate growing popularity in Guam, but a general trend across the Western Pacific — where lately the digital currency has been taking the region by storm.
The most obvious example of this, as of late, has been Japan where big name businesses such as Bic Camera have begun trials to accept Bitcoin — with thousands of smaller businesses following suit.
Japan also removed its consumption tax on Bitcoin sales today, making it cheaper for people to use the currency and making it more likely that people will perceive it as a legitimate payment method going forward.
Additionally, Bitcoin is also picking up steam in The Philippines, with the country officially recognizing the cryptocurrency as a legal payment method in February of this year.
What do you think of USI-TECH’s promotion of Bitcoin? Do you think their actions will help Bitcoin in the region? Let’s hear your thoughts below.
Images via The Guam Daily Post, EasyVoyage