The businessman Chad Elwartowski, who once earned substantial sums from trading cryptocurrencies, has purchased the cruise ship Pacific Dawn to establish a centre for cryptocurrency companies and developers aboard. The vessel will be berthed off the coast of Panama, according to Maritime Executive
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For its new project, Ocean Builders, whose principal investor is Elwartowski, purchased the Pacific Dawn from P&O Carnival Corporation. After the formal transfer of ownership in early November, it will be renamed Satoshi.
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Chad Elwartowski expects that the new centre will serve as a technology incubator for entrepreneurs, companies and individuals working with cryptocurrencies.
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The ship will house a restaurant, a casino, a water park and commercial spaces. The housing stock comprises 777 cabins. The first 200 of them will be sold at auction from 5 to 28 November at prices ranging from $25,000 to $50,000.
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Ocean Builders plans to sell cabins under a condominium model: buyers will receive full, perpetual ownership of their cabin, while contributing monthly payments to cover operating costs.
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On the Satoshi, both bitcoin and fiat will be accepted for payments. It is expected that the first residents will appear on board in 2021.
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Driven by the idea of freeing society from state control, Elwartowski was inspired by the concept of “floating cities,” or so-called “seasteads”.
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Seasteading is the concept of creating permanent dwellings at sea, located outside the jurisdiction of any state.
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Earlier, Elwartowski faced opposition from Thai authorities. They argued that the sea dwelling located 14 miles from Phuket posed a new kind of threat to Thailand’s national security.
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The authorities accused Elwartowski of infringing upon the country’s territorial integrity, which carries penalties including the death penalty or life imprisonment.
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