Cryptocurrency influencers are relocating to Puerto Rico due to tax laws. Sure?

According to the latest New York Times report, Puerto Rico is "one of the world's first cryptocurrency communities". Are they exaggerating, or do they have a point? Favorable tax regulations have reportedly attracted "10,000 wealthy American immigrants" to the island. The report states that "an estimated 3,000 people are newly minted bitcoin billionaires," while "an estimated 4,000 businesses and wealthy individuals have relocated to Puerto Rico."

These numbers are undoubtedly inflated, but the whole story is well-written. On the other hand, the author, a cryptocurrency newcomer, uses clichéd phrases like "new currencies invented in a flash" and "instant millionaires" as he describes the industry as "one of the most energy-intensive activities in the world ". World", despite the fact that he was mainly talking about proof-of-interest networks.

Anyway, let's start from the beginning.

"However, in 2012, the government of Puerto Rico, an unincorporated territory of the United States, passed a series of bills offering tax incentives to any U.S. investor who wanted to relocate."