‘His excellency’ Calvin Ayre says project will be entirely funded from digital currency profits
Calvin Ayre, a gambling and bitcoin multi-millionaire who was once on the run from the US authorities, is building a $100m five-star resort on Antigua funded by profits from digital currencies.
Canadian-born Ayre, who has been appointed Antigua and Barbuda’s special economic envoy, said he had begun work on the upmarket tourist resort on Antigua’s Valley Church beach.
Bitcoin is the first, and the biggest, “cryptocurrency” – a decentralised tradeable digital asset. Whether it is a bad investment is the big question. Bitcoin can only be used as a medium of exchange and in practice has been far more important for the dark economy than it has for most legitimate uses. The lack of any central authority makes bitcoin remarkably resilient to censorship, corruption – or regulation. That means it has attracted a range of backers, from libertarian monetarists who enjoy the idea of a currency with no inflation and no central bank, to drug dealers who like the fact that it is hard (but not impossible) to trace a bitcoin transaction back to a physical person.