The Satoshi, a cruise ship intended to house Bitcoiners around the world, has reportedly been sold. After quite a bit of hassle, the owner, Chad Elwartowski, finally disposed of the ship.
Cruise ship ‘The Satoshi’
The ambitious Elwartowski, an American bitcoin trader, had the idea to realize a floating Bitcoin Citadel. The ship had a total space to house 777 bitcoiners, with no government restrictions and completely tax-free.
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Ocean Builders, Chad’s company, purchased the nearly 250-meter vessel in October 2020, then known as the “Pacific Dawn”. The ship should have become a network hub full of bitcoiners and other blockchain enthusiasts in the Gulf of Panama.
Unfortunately, this plan has not (yet) materialized due to quite a few setbacks. For example, in December 2020 it became clear that no insurer could be found that wanted to insure the ship. Without insurance there was no crew to hire and it was not profitable.
Floating bitcoin paradise
In 2019, Chad Elwartowski and his girlfriend Nadia Supranee Thepbet set up a bitcoin fund to realize the wild idea of a floating bitcoin paradise. The US authorities were soon aware of it and did not think it was a good idea. The government fears that it will become a place where, for example, money laundering could be done.
They moved to the sea, confirming the ship’s sovereign character. Because US authorities threatened to punish them, the couple moved to Panama in hopes of realizing the dream. Incidentally, again without success. The corona crisis, among other things, threw a spanner in the works.
It has not yet been officially announced who purchased the cruise ship. Sources already say that the ship has been spotted in Montenegro. Tradewinds has said it is likely that Wake Asset Co, registered in the British Virgin Islands, purchased the ship for $ 12 million dollars.
Now with new owners, Covid-19 vaccines advancing and a Bitcoin price that has risen 870% in the last 12 months, there may be hope for “The Satoshi”. And a floating Bitcoin Citadel will one day become a reality.