Share this article
Plan to Distribute Bitcoin in Dominica Shelved
An event expected to involve the distribution of bitcoin to 70,000 residents of the Dominica has been canceled.
By Pete Rizzo
Updated Sep 14, 2021, 2:02 p.m. Published Feb 10, 2015, 10:55 p.m.
Make us preferred on Google
UPDATED (10th February 2015, 3:30am GMT): Updated with comment from project manager Sarah Blincoe.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
An event expected to involve the distribution of bitcoin to 70,000 residents of Dominica has been canceled.
Originally scheduled for 14th March, The Bit Drop was billed as an island-wide party that would include free giveaways and educational booths, alongside more eclectic fare such as fire dancing and musical acts.
The decision was confirmed by The Bit Drop Organising Committee, which cited “country-specific logistical decisions” as the reason for the cancellation.
A spokesperson indicated that the project is currently seeking to uncover ways it could move forward on its planned initiative, stating:
”We are still passionate about bringing Let The Bit Drop to fruition and hope that we will be able to re-instate this pioneering project in the future.”
The event was a joint venture between wealth management company Aspen Assurance, women’s bitcoin interest group Bitcoin Beauties, bitcoin services provider Coinapult and the College Cryptocurrency Network.
Negotiations stall
Speaking to CoinDesk, members of the Coinapult team expressed their regret about the decision given the year-and-a-half of effort from the organising parties.
CEO Ira Miller explained that negotiations for the event broke down when its hosts in the Dominica did not provide promised support.
"This is particularly sad, as a number of alternative Caribbean venues were available, had we known Dominica would not follow through," he said.
Miller indicated that there was interest in continuing the event at another venue, however, this proposal wasn't possible given time constraints.
Project manager Sarah Blincoe echoed these remarks, suggesting that the Dominica government never met certain project deliverables, such as issuing a press release for the event. Further, she indicated an election cycle on the island nation complicated matters.
Blincoe, however, was optimistic, emphasizing how she remains close with island residents who have become bitcoin supporters.
Refund effort underway
Organisers indicated that they aim to make “every effort” to ensure participants are notified and that they have initiated a refund process for those who donated to the event.
Those who donated have been notified of the cancellation by email.
Supporters were previously encouraged to donate 0.1 BTC in order to win a trip to the Dominica for the event.
Party image via Shutterstock
More For You
Bitcoin could fall to $10,000 as U.S. recession risk builds, Mike McGlone says
McGlone links bitcoin’s downturn to record U.S. market cap-to-GDP levels, low equity volatility and rising gold prices, warning of potential contagion into stocks.
What to know:
- Bloomberg Intelligence strategist Mike McGlone warns that collapsing crypto prices and a potential bitcoin slide toward $10,000 could signal mounting financial stress and foreshadow a U.S. recession.
- McGlone argues the post-2008 "buy the dip" era may be ending as crypto weakens, stock market valuations sit near century highs relative to GDP, and equity volatility remains unusually low.
- Market analyst Jason Fernandes counters that a drop to $10,000 bitcoin would likely require a severe systemic shock and recession, calling such an outcome a low-probability tail risk compared with a milder reset or consolidation.
Top Stories
