Brock Pierce Praises Puerto Rico Cryptocurrency Regulations for Boosting His Industry Successes
It is no secret at this point that the regulations that are put in place by a particular country have a great effect on how well or how poorly the crypto industry within that country can thrive. This was seen in the case of Malta whose crypto-friendly regulations has spawned an entire industry of prominent firms and businesses within that space. It can also be seen in the case of China whose outright ban on cryptocurrency has nearly crippled the industry within that country and has also had its effect across Asia.
One person who recently reiterated this was cryptocurrency enthusiast and businessmen Brock Pierce, who stated that the regulations within Puerto Rico considerably contributed to his success.
Brock Pierce and Crypto
While he is famous for his work in crypto, Pierce has dabbled in many different Industries over the course of his lifetime including acting and gaming. He recently made headlines after being listed in 2019 by Forbes as one of the top 20 wealthiest people in crypto and the magazine estimated fortune between $700 million and $1.1 billion dollars. Interesting enough, Pierce has stated that his interest in crypto was found after playing video games in the 90s which brought him into contact with the concept of digital assets such as digital support cards, shields and so on.
He interest was pursued by building a supply chain of 40,000 people in China in the early 2000swho played video games professionally to mine digital currency. He continued to follow the future of the industry and took an interest in bitcoin though he was uncertain about its future survival.
He stated in the recent interview that the possible burst of the bitcoin bubble will likely follow the same trajectory as that of the internet.
“We haven’t even seen the beginning of the first big bubble. We’ve only seen the precursors, kind of like the early bubbles in the Internet,”
He owes his business success to many factors and he says one of which is the regulatory climate in Peurto Rico when he has set up his business base. According to him, Peurto Rico allows unrestricted access to the industry with its business regulations and he also said that this is not limited only to his own business. The ongoing innovation going on there will likely make a lot of business leaders refocus from places like San Francisco and New York.
This is not surprising as the crypto industry has been struggling with unfavorable regulations since its inception and businesses naturally flow towards the areas that have the most favorable regulations and should Puerto Rico continue with this trajectory, it could become of the biggest crypto hubs in the next few years. This will be a challenge certain world governments as the industry is quite lucrative and should its focus to other places in the world, certain governments will be forced to re-examine their crypto-related policy as they continue to lose business.
This was seen in the case of France who has recently buckled down on their setting up of proper regulations and even then the 500 million euro grant to the industry in order to encourage innovation and keep business within France rather than elsewhere.