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

This decision led to two things. "Heavyweight cryptocurrency players such as hedge fund Pantera and risk management firm Darma Capital have relocated to Puerto Rico," said one source. Second, "some locals are angry because they don't get the same tax breaks as wealthy foreigners, and the influx of wealthy outsiders is pushing up prices beyond the control of existing residents."

Before you jump to conclusions, remember that Puerto Rico was ravaged by a massive hurricane in 2017. "Hurricane Maria was the worst storm in nearly a century, with gusts of 155 miles per hour and an estimated $90 billion in damage." The entire island was without power, and power outages are still common today." Preferential tax regulations are one means of attracting money to the island. And it appears to be working.

What's happening in Puerto Rico?

The author is conflicted. On the one hand, he seems to respect Crypto's view of life. On the other hand, he still thinks it's all magic internet money, and that making it in cryptocurrency is no trouble at all.

"In "pessimism prevails, we seem to be fighting for a smaller cake. But what if you could simply make a bigger cake? What if you could use technology to create new wealth in an instant?"

On the one hand, the author sees the positive side: "In recent months, Puerto Rico has hosted cryptocurrency conferences and offered beginner courses to get residents up to speed on the fundamentals of digital currency." On the other hand, he describes the opponents as "rootless digital billionaires - selfish neo-colonial tax exiles playing with illusions by enjoying Puerto Rico's desperation."

Evan Arteaga's dream is to live in Puerto Rico

"Evan Arteaga, 38, has lived in Puerto Rico for four years," was one of the interviewees. "It's an inevitable growth market for the capital," he said of the cryptocurrency business. I believe this is the future; all we have to do now is move on." He also appreciates all that Puerto Rico has to offer.