The Satoshi, a cruise vessel that was designed to be a home for Bitcoin nomads, has been sold to a new company.
The Satoshi may soon get a new life with a new cruise line, according to reports in cruise industry outlets last Monday.
After escaping a ship scrapyard in India last week, the Satoshi arrived in Bar City in Montenegro. Now the vessel has been sold to new owners who haven’t been publicly announcing themselves, however, some reports stated that the Buyer is Wake Asset Co, which is registered in the British Virgin Islands, and its price tag is at $12 million.
What is the Crypto Cruise Ship?
Known as Pacific Dawn before, the 804-foot vessel, that was built in 1991, was sold to a company named Ocean Builders in October 2020, which was planned to turn it into a cryptocurrency-themed tech hub anchored in the Gulf of Panama.
Ocean Builders had ambitious plans to launch a “Crypto Cruise Ship,” providing the blockchain enthusiasts with a place to live and work in a crypto-friendly environment. The company had intended to auction off a total of 777 cabins, with the residents expected to board The Satoshi as early as January 2021.
However, the plan never came into action. Last December 2020, the project’s organizers sold the “Crypto Cruise Ship” for a scrap, claiming that they had failed to obtain insurance for the concept of a community living aboard a former cruise ship.
At the same time, the vessel has been arrested by Panamanian authorities.
It was then claimed that without an insurance, the ship won’t be able to hire a crew and could lose both its class rating and flag, and also the possibility of conducting any businesses. It was around November 2020 when the Ocean Builders have been active on Social Media for the last time.
The dream of a blockchain community at the sea is broken
Based at Linton Bay Marina on the Caribbean Sea in Panama, Ocean Builders has been founded with an ambition of building “floating, off-grid seapod homes.”
Its main investor is Chad Elwartowski, an American Bitcoin trader with a desire to create permanent housing at the sea, and not bound by any governmental restrictions.
Last 2019, Elwartowski and his girlfriend Nadia Supranee Thepdet launched a Bitcoin-funded initiative, building a floating house that is off the coast of Thailand. But chartering the new waters proved to be a harsh experience, just a few months later the local authorities confiscated the sea-stead, alleging the pair of “deteriorating Thailand’s independence.”
With a threat of a life imprisonment, or even death penalty, the pair had abandoned their planned sea-stead, the pair then relocated to Panama with the goal to relaunch the Ocean Builders. A video in June 2020 posted by Elwartowski showed a prototype vessel “which will be a great compliment to your seapod” being tested in a swimming pool.
With the new ownership of the Satoshi, COVID-19 vaccinations rolling out, and the price of Bitcoin up to 870% in the past 12 months, one could say that Bitcoin’s hope is afloat.
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