Many investors and entrepreneurs that have made their wealth in cryptocurrency are flocking to Puerto Rico. While the upcoming retreat was originally named “Puertopia,” the literal translation does not convey the right message (“eternal boy playground), it has since been named Sol.
These individuals are already owners of beautiful properties in California, including impressive cars, but their wealth has urged them to go somewhere that they can do more with the funds. However, apart from the luxury of this Caribbean island, many of these businessmen seem to be trying to avoid the state and federal taxes that may be assessed to their profits. To protect themselves, these men want to establish a crypto utopia.
This utopian world would have completely virtual currency, and they would create entirely public contracts between traders and investments using Blockchain. To ensure that this investment is worthwhile, the biggest profiteers have actually been looking for the right location for a while now. Once Hurricane Maria destroyed Puerto Rico, these men saw an opportunity to capitalize on tragedy.
Using Puerto Rico is not just a matter of having enormous amounts of wealth in one spot; investors want properties that are large enough to accommodate airports and docks. Furthermore, the historical museums and hotels are at risk do, as the wealthy find them to be just another commodity. With all of this work towards the right infrastructure, the involved consumers are actually quite close to getting approval from the government to set up a cryptocurrency bank.
Some newcomers claim that they want to buy such massive expanses of land that they can create their own cities with cryptocurrency, but hedge fund manager Robb Rill does not want to be a part of that.
In the meantime, investors have managed to settle into the 20,000-square foot hotel named the Monastery. The investors see Puerto Rico as a forgotten and forsaken place, which is significantly overdue for a renovation. They seem to believe that their need for profit is a good enough reason to dive into the Puerto Rican economy, and turn it upside down.
As the transition occurs, Erika Medina-Vecchini, the chief business development officer for the Department of Economic Development and Commerce, says that they are ready for crypto business. While the actual profitability and sustainability stands to be seen, some investors are calling this possibility a tax playground for the rich, which leaves a lot of locals without the ability to invest.