Do not invest more money than you can afford to lose.
A group of blockchain proponents and cryptocurrency millionaires (and billionaires) are setting up a cryptocurrency utopia, named Sol on the island of Puerto Rico, reports The New York Times.
Their goal is to build a city where all money is digital and all contracts are public, in order to show the world what a blockchain-based future could look like.
Dozens of entrepreneurs who, one way or another became very rich thanks to the blockchain and cryptocurrency mania that gripped the world, are planning to sell their homes in mainland US and move to Puerto Rico. Among them are CNET and Videocoin founder Halsey Minor who is moving Videocoin from the Cayman Islands to Puerto Rico, Brock Pierce, director of the Bitcoin Foundation and co-founder of Block.One, Reeve Collins, co-founder of Tether, and Matt Clemenson, founder of blockchain lottery site Lottery.com.
They describe themselves as “benevolent capitalists, building a benevolent economy” who want to help Puerto Rico rebuild after the devastation of hurricane Maria and move their business there. Pierce, for example, said he was aiming to create a charitable token called ONE with $1 billion of his own money. They deny doing it to avoid paying taxes only, although Collins admits he does not want to pay taxes.
Puerto Rico is known as a tax haven, as it charges no federal personal income tax and capital gains tax and has favorable business taxes. Besides, Americans do not need to renounce their citizenship.
Currently they have set up camp at a large hotel, called The Monastery and are looking to buy a 9,000 acre Superfund cleanup site (meaning the area is contaminated with hazardous substances) Roosevelt Roads Naval Station, which houses two deepwater ports and a nearby airport. (For their yachts and private jets, of course). So far they have bought a the building of the children’s museum in Old San Juan and are planning to turn it into a clubhouse where PuertoRicans and “Puertopians”, as they call themselves, can hang out and socialize.
According to The New York Times, they are even planning to launch their own cryptocurrency bank and have the blessing of the Puerto Rico governor and the authorities in general, who are planning an ad campaign to attract more blockchain companies and millionaires.
