Prague is the birthplace of the world’s first hardware wallet, the first Bitcoin mining pool, and, reportedly, even the first Bitcoin cafe. It is among the most affluent cities in Central Europe, visited by millions of tourists each year.
Ranked as one of Europe’s most charming and beautiful cities, Prague is a burgeoning tech hub with a new generation of crypto-saavy individuals populating its streets.
Fast facts
City: Prague
Country: Czechia
Population: 2.7 million (Metropolitan Area)
Established: 8th Century
Languages: Czech, Slovak, English, Ukrainian, German, Vietnamese, Russian
Understand
Known for its bridges, majestic fortifications and Bohemian architecture, Prague was voted the most beautiful city in the world last year by Time Out Magazine. At the crossroads of Europe, it’s visited by over 8 million tourists annually and has become a popular choice among filmmakers as a backdrop, including the makers of Mission: Impossible and Casino Royale.
More than 1,000 years ago, the migration of the Czech people — a Western Slavic tribe — founded the City of Prague on the banks of the Vltava river. Prague quickly developed into a major metropolitan center in medieval times and was the seat of many Bohemian kings who would also reign as the emperors of the Holy Roman Empire.
Ruled over variously by the Austrian Empire, a short era of independence, and then by Nazi Germany, Prague managed to escape destruction at the hands of Nazis or Allied bombers. But after just three years of independence after the war, communists backed by the Soviet Union staged a coup and toppled the country’s democratic government in 1948. Development stalled during communist times, and despite a flicker of hope for liberalism in the Prague Spring of 1968, it wasn’t until the Velvet Revolution protests that the ruling communist party resigned on Nov. 28, 1989, putting the local people once again in charge of their own destinies.
Crypto culture
Today, Prague is a leading tech hub in Central Europe. Having changed currencies once a generation due to their various rulers and independence, the Czech people are known for monetary skepticism and have enthusiastically adopted digital currencies. This interest has been compounded by the growing inflationary pressure on the Czech koruna (CZK), which stood at 18.0% per annum in June…
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