How Crypto Made Portugal A Promised Land For Entrepreneurs

[ad_1]

The crypto industry has grown tremendously over the past few years. It took less than four years for cryptocurrencies and blockchain technology to grow from a niche industry to a global powerhouse capable of shifting markets and shaping regulation.

It’s safe to say that the opportunities that have arisen from this growth have changed the world, but this change is most evident in places where economic growth has stagnated.

This is the case of Portugal, whose reputation as a sunny tourist paradise has gradually been eclipsed by its low wages and declining standard of living.

Despite being an EU member state and having sprawling natural resources, Portugal has long been considered Europe’s underdog. The country has struggled to keep young people within its borders as better wages and more business-friendly regulations have pushed them to migrate to neighboring countries.

Growing up in a small town outside of Lisbon, I experienced this myself. Job opportunities were scarce and young people struggled to find reasons to stay in a country that valued them so little. In the mid-2000s, agriculture was one of the few industries that offered a sense of stability. It has become the career of choice for many young people.

Innovation and entrepreneurship were hard to find and even harder to execute in Portugal. Those whose ambition survived these conditions then faced various bureaucratic problems that further stifled progress.

The Portuguese are cursed with caution. Our grandparents lived through hardships and found themselves in difficulty instead of being liberated in the post-dictatorship era.

The uncertainty and instability they experienced kept them in a survival mode which they passed on to their children, making it the default way of life in the country. This has led to a lack of ambition among the general population. Despite dreaming big, many fear spending too much, reaching too high, and stepping out of their comfort zone.

And as that slowly changed for the better, it took blockchain to kick those changes into high gear.

It is safe to say that blockchain technology has completely changed the technological and business landscape in Portugal. The creation of cryptocurrencies became the black swan event that profoundly shook the country and created a better future for its young people.

More than a decade after the creation of the first Bitcoin block, blockchain technology has helped fight unemployment in the country and instilled a sense of ambition in young people. The possibilities it opened up helped Portuguese entrepreneurs realize that they could create a parallel global economy without government interference.

Driven by the endless possibilities offered by blockchain technology, I founded Masterblox, an incubator company aimed at helping crypto startups scale. Without external funding and with a small but dedicated team, we have successfully used cryptocurrencies and blockchain technology to positively impact the world.

In its early days, the crypto industry was dominated by tech-savvy traders and developers. Such a homogeneous community has made it difficult for others to come in and grow their businesses. However, in 2023, the crypto industry is teeming with diverse experts, ranging from bankers and traditional finance analysts to lawyers, psychologists and marketers. Having a wide range of experts working in the industry creates strong support for new businesses looking to tap into the blockchain space.

At Masterblox, we have leveraged this diverse talent to help our clients scale and grow their crypto startups. We quickly grew into a team of 20 and achieved professional success that would be difficult to achieve in a traditional corporate environment.

All crypto and blockchain companies in Portugal, including Masterblox, now have access to the global market. We can all succeed based solely on our talent and effort, unhindered by the limitations of our local market.

This mindset facilitates bear markets. At Masterblox, we know there will always be new opportunities for Web3 professionals because we create the opportunities ourselves.

While Portugal is one of the best examples of the potential of cryptocurrencies and blockchain, their effects are being felt in many other countries. It is a miracle to see the opportunities and potential blockchain technology being created. People can now challenge traditional systems and fight inequality from almost any corner of the world.

Guest post by Carlos Prada of Masterblox

Masterblox is one of Europe’s leading web3 accelerators with a solution for emerging technologies or improving legacy projects. On the Labs, the company has the ultimate growth hacking techniques, while on Masterblox Foundation, acceleration programs with the biggest names in the industry.

Learn more about Carlos Prada

[ad_2]