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Cryptobillionaire expats commit to rebuilding Puerto Rico
| Published: | 21 Feb at 6 PM |
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Hurricane Maria’s devastation wrecked the tropical paradise of Puerto Rico and is still in evidence across the main island, but its rescue may well come about via a very surprising development.
The rise of the Puertopians is alive and kicking, with scores of crypto-wealthy Brits, Canadians and San Franciscans descending on the island after selling up everything they own and becoming expats. Some are arriving from the tax-free Cayman Islands, having given up their registrations in favour of Puerto Rico. Before the hurricane struck, the ultra-wealthy group had been searching for the right place to put their utopian dream into practice.
The dream, of course, doesn’t include paying taxes, an important issue for those who’ve mined billions of dollars’ worth of bitcoins over the past few years, but it does include the total regeneration of the island as an utopia for what they refer to as ‘cryptoevangelists’. Their plans include new docks, airports and a new city as well as the reinvention of society using virtual money via the blockchain. The local government is, they say, getting used to the idea of the world’s first cryptocurrency bank.
However, the group aren’t of one mind as to the location of the new city on its possibly already earmarked 250,000 acres of island land, with a breakaway group preferring to rebuild San Juan, using unaffected buildings as the hub of the new development. According to leader of the movement Brock Pierce, it’s not just about the taxes, it’s also about respect, compassion and financial transparency. Pierce is being hailed by some group members as a new version of former spiritual leaders.
In March, a ‘Puerto Crypto’ blockchain summit meeting is due to be held with the Puerto Rico Governor in attendance. Admittedly, the island, having been dumped by Trump, needs all the help available, and will welcome cryptobillions with open arms. Whether the expat group is driven by smart tax strategies, greed or divine intervention, the devastated island nation's people won’t care where the money and effort comes from.
The rise of the Puertopians is alive and kicking, with scores of crypto-wealthy Brits, Canadians and San Franciscans descending on the island after selling up everything they own and becoming expats. Some are arriving from the tax-free Cayman Islands, having given up their registrations in favour of Puerto Rico. Before the hurricane struck, the ultra-wealthy group had been searching for the right place to put their utopian dream into practice.
The dream, of course, doesn’t include paying taxes, an important issue for those who’ve mined billions of dollars’ worth of bitcoins over the past few years, but it does include the total regeneration of the island as an utopia for what they refer to as ‘cryptoevangelists’. Their plans include new docks, airports and a new city as well as the reinvention of society using virtual money via the blockchain. The local government is, they say, getting used to the idea of the world’s first cryptocurrency bank.
However, the group aren’t of one mind as to the location of the new city on its possibly already earmarked 250,000 acres of island land, with a breakaway group preferring to rebuild San Juan, using unaffected buildings as the hub of the new development. According to leader of the movement Brock Pierce, it’s not just about the taxes, it’s also about respect, compassion and financial transparency. Pierce is being hailed by some group members as a new version of former spiritual leaders.
In March, a ‘Puerto Crypto’ blockchain summit meeting is due to be held with the Puerto Rico Governor in attendance. Admittedly, the island, having been dumped by Trump, needs all the help available, and will welcome cryptobillions with open arms. Whether the expat group is driven by smart tax strategies, greed or divine intervention, the devastated island nation's people won’t care where the money and effort comes from.
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