In 2021, Pouch.ph launched with the aim of revolutionizing Boracay, also known as "The Bitcoin Island," by facilitating over 400 small businesses in accepting and managing Bitcoin payments through their mobile app. 

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In a recent development, Pouch and Coins.ph, two key players in the Philippine cryptocurrency market, have joined forces to host the first-ever Bitcoin Island Retreat in Boracay. The event, which took place from March 27 to 29, 2023, brought together bitcoin enthusiasts, industry leaders, investors, and developers from various parts of the world.

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Boracay has recently evolved into the premier Bitcoin-friendly destination, boasting more than 250 venues where visitors can conveniently use Bitcoin to pay for luxurious dining, accommodations, water-based activities, and beverages. 

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Recently, there has been a shift in the atmosphere, with many businesses that previously accepted Bitcoin now no longer doing so as a payment method.

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In a vlog posted by Bitcoin Explorers in February 2024, they documented all the payments they made. However, when they returned after 10 days, none of the stores where they previously made Bitcoin payments accepted the cryptocurrency anymore.

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During an interview, Ethan, CEO of Pouch pointed out that a primary concern leading to merchants leaving the platform is the fact that a majority of their customers are still not using Bitcoin for payments, largely due to a lack of education. He also added that they don’t have plans of providing education due to limited financial and human resources. 

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Further, Pouch.ph's main office has been relocated from the island, with Ethan noting, “it no longer serves much purpose. We prefer to hold meetups at the businesses accepting Bitcoin so we decided it was an unnecessary expense to pay the rent on the space.”

Despite recent events, Pouch.ph remains operational, with more than 50 businesses in Boracay continuing to accept Bitcoin. Ethan is optimistic, projecting a 5% increase in sales and anticipating further growth as Bitcoin adoption and the use of BTC payment rails become more widespread. He also took note of BTCMap.org, a useful resource where you can access a map of Boracay stores accepting Bitcoin as payments.