Dozens of businessmen who became billionaires thanks to blockchain technology and cryptocurrencies, sell their property in California and travel to Puerto Rico.
Their goal is to create a residence on the island of the Caribbean, hoping to avoid Federal taxes on their growing capital. They called this place Portauthority. But after someone told them that Latin is translated as “Playground of the eternal boys,” and they gave the city of cryptocurrency a new name – Saul.
These men and mostly only men the idea about the future of their capital. They want to build CryptoAPI – new city where the money is virtual and the contracts are publicly available. The goal is to show the world how it could look like the future with cryptocurrencies. The blockchain can create a new society, and enthusiasts will want to prove it.
Why Puerto Rico?
After the September hurricane “Maria” destroyed the infrastructure of this state, and the value of the cryptocurrency has risen sharply, they saw new possibilities and realized that you need to act immediately.
So this is the cryptocurrency community has gathered here to create your Paradise. Now investors spend their days hunting for real estate to open their own airports and docks. They “seized” the hotels and the Museum in the historic part of the capital Old San Juan. They say that close to to convince the local government to allow them to create the first cryptocurrency Bank.
“Comes great coincidence,” said Halsey minor, founder of the news website CNET that this winter brings its new blockchain company Videocoin from Cayman Islands to Puerto Rico. Referring to the hurricane “Maria” and investment interest that followed him, he added: “At the time, as it was a shock to the people of Puerto Rico, in the long term, it is a gift of fate, if you stop to look back”.
Puerto Rico offers unique conditions: no Federal income taxes on the population and favorable taxes for business – all without having to renounce his U.S. citizenship. At the moment the local government is positively adjusted to the idea of kriptoloji; in March the Governor will speak at the summit on the blockchain called Puerto Crypto.
However, not everyone in Puerto Rico is configured so friendly. For example, a Manager of hedge funds Robb RIL, who runs a social group, which opposes those who wish to take advantage of the conditions prevailing in the region.
“Call me and say I’m going to buy 250,000 acres in order to build your own city, just to create a city in Puerto Rico and have your own cryptocurrency world. I will not participate in this,” said Mr. Rill, who moved to the island in 2013.
Newcomers are still discussing how it will look Portopia. Some people think that they need to create a city from scratch on their own terms; others believe that it is enough just to move to Old San Juan.
Until then, investors settled in the “Monastery”, the hotel area of 20 000 square feet that they had rented as the headquarters.
Mr. Clemenson, 34-year-old co-founder Lottery.com said: “We are benevolent capitalists, we create a friendly economy”. “Puerto Rico is a gem, enchanted island that is constantly ignored and brutalized. Perhaps 500 years from now we will be able to fix it”.
Chairman of the Bitcoin Foundation Brock pierce is the leader of the movement, Portothe. He became one of the co-founders of blockchain startup for entrepreneurs Block.One is during the ICO has raised approximately $200 million in cryptocurrency EOS. Now the market capitalization of the coin — about $6.5 billion. The question that brought them to Puerto Rico, Mr. pierce replied: “Compassion, respect and financial transparency”.
“The United States we do not accept. They are trying to destroy this economy, ” said Mr. minor, having in mind the difficulties faced by cryptocurrency investors in American banks. “Must be a place where people will be able to freely create something new.”
Mr. minor believes that we have the opportunity to see how the world is created something new, unique and unimaginable. Something many still unknown, but has a great future.