Slovenian trails.

To be clear, the answer is most probably no. However, while the entire world was still neglecting and making fun of cryptocurrencies, Slovenia was one of the first countries to recognize and embrace their potential. They not only created a vibrant start-up scene. From the beginning there was strong political support and a clear, supportive regulatory framework. Even more remarkably, while crypto was still a geeky gimmick, in Slovenia it was actively promoted to the public.

Early stage, BTC (Ljubljana’s largest shopping center) declared itself Bitcoin City. Numerous merchants started accepting Bitcoin payments. Since then, Bitcoin ATM’s are everywhere in the country where more than 500 businesses and around 140 shops accept crypto payments. According to Politico, you can even pay with Bitcoin at the souvenir shop on top of Vršič.

And these visionary investments pay off big time. Today Slovenia is positioned firmly on the crypto map; loved and praised by the international crypto-scene.

Recognition followed fast. In 2023, Slovenia was nominated “most crypto-obsessed country” because monthly on average 4,789 crypto-related searches per 100,000 people were issued. And this year, Ljubljana was declared the world’s most crypto-friendly city, ending before Hong-Kong and Zürich.

But even more spectacular is the percentage of adults holding crypto assets. According to the European Central Bank this is 15%, which is the top of the EU and far above the 9% EU-average. The number of 98.000 users will likely even grow above 180.000 in 2026. Recent figures show an inflow of 1.33 billion USD against $306 million USD outflow of crypto currencies in Slovenia, a clear indication that Slovenes see crypto-investments as an opportunity..

As always, if gains are made, the call for taxes is never far away. After a failed attempt in 2022, it looks like, a 25% tax on crypto profits will be voted in 2026. Some say it will significantly hurt Slovenia’s image as a crypto-friendly environment. Others say it is only fair that some of the profits flow back to the community which had the initial guts to invest and support.

You might now start thinking that Slovenes are reckless investors, grabbing shady opportunities such as the Melania coin.

When it comes to crypto “hype, fake, scam” arguments are never far away.

But how about this ?

In July 2024, Slovenia was the first European country ever to issue an Digital Bond using the ECB’s CBDC (Central Bank Digital Currency).  BNP Paribas was the facilitator and they used Frances DL3S platform2 to place a modest 30 million bond. Not really shady institutions, are they? It clearly shows that Slovenia is on its way to benefit from the crypto industry, once it becomes really mature.

The oldest crypto-exchange, founded in Slovenia.

But the most spectacular story comes last. Let’s go back to 2011, quite fast after the first block of Bitcoin was generated in 2008. Two young entrepreneurs, Nejc Kodrič and Damijan Merlak, started Bitstamp with only 1000 Euro. Bitstamp is a so called crypto-exchange where owners and buyers can respectively sell and buy crypto. At that moment, this was a quite visionary move. Their first office was in a garage in Ljubljana. Of course, (Silicon Valley) traditions have to be respected.

Soon after the start, Bitstamp moved to London (in 2013) and later to Luxemburg (2016) to become one of the first regulated exchange platforms. At that moment they were already active in 28 European states with a full license as payment institution. Not only Bitcoin, but a whole range of cryptos (Ethereum, Ripple, Litecoin…) were being exchanged.

In 2018, Bitstamp was acquired by NXMH, which is a Belgian based investment company specialized in early stage tech investments. Merlak exited but Kodrič stayed on board as shareholder till 2022. Then he was forced to sell his remaining shares. It lead to a bitter legal fight which he lost. But still he gained a nice return on his bold initial move. In 2018, it positioned him 29th in Fortune’s “top 40 under 40” of Fortune.  Surprisingly, both founders switched their investments from the very intangible digital stuff to the other side of the spectrum. Today most of their investments are into the booming domestic Real Estate market, such as luxury hotels and resorts.

Today Bitstamp itself is firing on all cylinders and it is the oldest still functioning crypto exchange in the world. And since the California based broker Robinhood acquired them for $200 million, the future of this Slovenian initiative seems bright.

So it looks like Slovenia did a great move to create a supportive crypto-ecosystem.

The European Blockchain hub played an important role in promotion and support of start-ups and is still active in the BTC. Also universities such the Blockchain Lab in Maribor largely contribute to the emerging financial hub where promising companies like Eligma (payments), Hashing Power (mining) or Masca (digital identity) thrive.

Will it prove to be a visionary and historical move ? Time will tell.

Already “remembering” the future.

But the Kranj region did not wait for this to already erect the world’s first Bitcoin monument. It was evidently sponsored by Bitstamp and 3fs a renown crypto-consultant which is again one of the companies outgrowing its Slovenian roots. Bitcoin monuments are not unique but Krajn claims to be the first ever. There is one in Budapest called “We are all Satoshi”, and one in Lugano which disappears if seen from a certain angle, reflecting Satoshi’s anonymity.

So the only thing which is left now is to create a Slovene crypto-saint. Not born like Saint Barbara but evidently mined. Maybe St. Satoshi of Soča would fit ?