Wednesday, February 7, 2018

Cryptocurrency millionaires want to turn Puerto Rico into a 'Crypto Utopia'

The rush to find a place where cryptocurrency can become the money of the realm has been the goal of many cryptocurrency and blockchain advocates ever since the virtual money was initially tied to the anarch-capitalist movement seven to eight years ago.  And now that cryptos like Bitcoin have made alot of individuals extraordinary wealth, some of these 'Bitcoin Millionaires' are looking at the island of Puerto Rico as a viable location to create their 'Crypto Utopia'.

They call what they are building Puertopia. But then someone told them, apparently in all seriousness, that it translates to “eternal boy playground” in Latin. So they are changing the name: They will call it Sol. 
Dozens of entrepreneurs, made newly wealthy by blockchain and cryptocurrencies, are heading en masse to Puerto Rico this winter. They are selling their homes and cars in California and establishing residency on the Caribbean island in hopes of avoiding what they see as onerous state and federal taxes on their growing fortunes, some of which now reach into the billions of dollars. 
And these men — because they are almost exclusively men — have a plan for what to do with the wealth: They want to build a crypto utopia, a new city where the money is virtual and the contracts are all public, to show the rest of the world what a crypto future could look like. Blockchain, a digital ledger that forms the basis of virtual currencies, has the potential to reinvent society — and the Puertopians want to prove it. 
For more than a year, the entrepreneurs had been searching for the best location. 
After Hurricane Maria decimated Puerto Rico’s infrastructure in September and the price of cryptocurrencies began to soar, they saw an opportunity and felt a sense of urgency.
So this crypto community flocked here to create its paradise. Now the investors are spending their days hunting for property where they could have their own airports and docks. They are taking over hotels and a museum in the capital’s historic section, called Old San Juan. They say they are close to getting the local government to allow them to have the first cryptocurrency bank. – New York Times

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