Jamaica Crypto Buzz: Bitcoin Business Booming in Kingston

KINGSTON, Jamaica — From Half-Way-Tree to New Kingston, more Jamaicans are turning to bitcoin and other cryptocurrencies, not just for investment, but for everyday business. The digital currency wave is hitting our shores hard, and local entrepreneurs are riding it.

Just last month, a small café in Barbican started accepting bitcoin for smoothies and patties. Owner Marlon Thomas told HowJamaica.com: “Mi customers ask for it. Tourists come in and say ‘can I pay with bitcoin?’ So mi set up a wallet and now about 10% of mi sales come through crypto. It’s easy, no bank fees, and the money reach fast.”

The Bank of Jamaica has been cautious, but the central bank is testing its own digital currency, the JAM-DEX. However, the real action is happening on the ground. In downtown Kingston, a group of young techies meet every Thursday at the Creative Hub on Duke Street to trade and learn about crypto. One of them, 24-year-old programmer Kevon Brown, said: “Bitcoin is freedom money. No government can print more of it. Mi save in bitcoin because the Jamaican dollar lose value every year. Last year mi put J$50,000 into bitcoin, and today it worth over J$80,000. That’s real growth.”

But it’s not all smooth sailing. Scams are a big problem. In February 2024, police warned about a fake investment scheme promising 20% returns in bitcoin. People lost millions. “If it sound too good to be true, it is,” said financial advisor Simone Williams from Kingston. “Only use trusted exchanges like Binance or local platforms like CoinJamaica. Never give your private keys to anyone.”

Still, the trend is clear. More businesses in tourist areas like Montego Bay and Negril now accept bitcoin. A hotel in Ocho Rios even lets guests pay with crypto for rooms. And remittances, a big part of our economy, are also shifting. In 2023, over US$3 billion came into Jamaica from abroad. Some of that now flows through bitcoin because it’s faster and cheaper than Western Union.

So what’s the practical takeaway? If you’re thinking of getting into bitcoin, start small. Learn the basics. Use a secure wallet. And remember: only invest what you can afford to lose. The crypto world is exciting, but it’s still a wild ride. As the Jamaicans say, “Tek time and watch yuh step.”