Investors are trying to rebuild Puerto Rico with cryptocurrency, but is it sketch?
Rumors have surfaced that in order to avoid harsh state and federal taxes, dozens of cryptocurrency entrepreneurs are fleeing to Puerto Rico to build a “Puertopia.”
If successful, the “eternal boy playground” could prove that blockchain technology has the potential to reinvent society.
So far the billionaire cryptopreneurs have hunted down property all over the tiny island which was left devastated by superstorm Hurricane Maria.
The newly attained property will be one hell of an investment. These virtual currency hustlers have already infiltrated the Monastery, a 20,000-square-foot hotel, and the Old San Juan Museum.
Besides looking for land to build airports and docks they’re also looking to fulfill a 250,000-acre diet.
In an extensive NYT article, they stated that they are also very close to persuading PR’s local government into allowing them to have their first cryptocurrency bank.
Hit em’ with that Bitcoin Bling. Ayye!
What are the benefits of holding an American citizenship with wild amounts of guap on the tiny island? The unparalleled tax incentives in PR offer no federal personal income taxes, no capital gains tax, and favorable business taxes.
Yet, this obsession with building a Puerto Rican utopia kind of happened overnight, but with it is an exodus inspired by innovation.
Haisley Minor, the founder of CNET and blockchain company Videocoin, told the NYT what has happened to PR is the “perfect storm.”
He thinks that Hurricane Maria and the investment interest that followed “was really bad for the people of Puerto Rico, in the long term it’s a godsend if people look past that.” Hmm.
Brock Pierce who is dubbed the leader of Puertopia movement and the director of the Bitcoin Foundation told the NYT that it was “compassion, respect, and financial transparency” that led him and his bread boys to the island.
Pierce has some serious bread on his hands. Enough guap to make you disappear, light. Well, at least enough cheddar to settle suits for fraud and still be Gucci gang.
Besides holding the position of director of the Bitcoin Foundation, Pierce has sold around $200 million dollars of virtual currency called EOS through his co-founded company Block.One. The value of all the EOS tokens is estimated to be worth a whopping $6.5 billion.
Regardless of their riches, Brock and his cryptocurrency cronies still have adversaries that think they are using the tax incentives to take advantage and use PR as a rich boy playground. Others think it could be one sick experiment.
Robb Rill who diddy bopped to the island back in 2013 and now runs a social group for those taking advantage of the tax incentives in PR told the NYT,
“They call me up saying they’re going to buy 250,000 acres so they can incorporate their own city, literally start a city in Puerto Rico to have their own crypto world… I can’t engage in that.”
The threat of “crypto colonialism” enrages Andria Satz who works for Conservation Trust of Puerto Rico. She stressed to the NYT,
“We’re the tax playground for the rich. We’re the test case for anyone who wants to experiment. Outsiders get tax exemptions, and locals can’t get permits.”
Pierce, on the other hand, wants PR and the crowd watching him on the world stage to know that he didn’t just pull up to the island to “dodge taxes.”
He told the NYT that he aims to create a charitable token called ONE. He will fund it by throwing in a very “light” $1 billy of his own money.
Why is Pierce’s charitable token called ONE? Pierce is looking to take the MY out of MONEY. Bars.
All we can do is wait, see and hope that these cryptocurrency entrepreneurs have PR’s best interest at heart.
We’ll all find out if PR fucks with the movement for real when the island’s governor addresses the idea of a “cryptopia” at a blockchain summit conference called Puerto Crypto in March.