Crypto Billionaires Are Building a Utopia in Puerto Rico

Fleeing what they see as the impending taxation of their newfound fortunes, wealthy cryptocurrency investors are heading en masse to Puerto Rico, with their hearts set on building a crypto utopia.

Puertopia

With the goal of creating a utopia – named “Sol” – run solely on cryptocurrencies and blockchain technology, crypto millionaires (and billionaires) are buying up property left and right in the Caribbean island of Puerto Rico.

Recently decimated by Hurricane Maria, many parts of Puerto Rico are still in need of reconstruction and renovation. Wealthy cryptocurrency proponents are ready to do just that, and have been buying up property left and right in historic Old San Juan.

“It’s only when everything’s been swept away that you can make a case for rebuilding from the ground up,” Puertopian Stephen Morris, 53, told The New York Times.

Matt Clemenson, co-founder of blockchain lottery website Lottery.com, also claims Puerto Rico is the perfect place to achieve their new vision of society:

We’re benevolent capitalists, building a benevolent economy. Puerto Rico has been this hidden gem, this enchanted island that’s been consistently overlooked and mistreated. Maybe 500 years later we can make it right.

The Puertopians—which also includes the likes of Block.One co-founder Brock Pierce, among others—are currently based in a 20,000-square-foot hotel called the Monastery. They currently have their eyes on buying the 9,000 acre Superfund cleanup site Roosevelt Roads Naval Station, which houses two deepwater ports and a nearby airport.

Why Puerto Rico?

Puerto Rico is happily poised to offer safe haven to those looking to safeguard their cryptocurrency fortunes.

The country charges no federal personal income tax, no capital gains tax, and offers favorable business taxes. Even more enticing is the fact that Americans need not renounce their citizenship…

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