The yearly Investment Summit Puerto Rico created to invite investors in the United States territory was held for two days with most of the attendees seen to be coming from the world of cryptocurrency. Michael Terpin, a cryptocurrency investor and head of Transform Group (one of the world’s first social media marketing firm), announced to the attendees of the Puerto Rico Investment Summit that he was the first from the industry of cryptocurrency to move to Puerto Rico back in 2016.
Terpin declared that the cryptocurrency industry is set to take advantage of Puerto Rico’s offer of tax breaks in the country’s Acts 20 and 22 law. Puerto Rico has created the tax breaks to make it beneficial for affluent job creators to reside in Puerto Rico. Terpin expressed his dismay when talented individuals in Puerto Rico leave due to the lack of jobs in the country. He stated, “I hate it when I hear a talented person has to leave Puerto Rico because there’s no jobs here.” Terpin added, “We are bringing jobs.”
Puerto Rico is currently mired in a $71.5 billion debt from hedge fund creditors. The country is also struggling to move on from its declaration of bankruptcy – the largest in the history of the United States government. They are also reeling from the devastating effects brought on by Hurricane Maria – considered as Puerto Rico’s worst natural disaster in nine decades. According to Terpin, fifty entrepreneurs from the cryptocurrency industry have moved to Puerto Rico during the past year or two. He expects that the numbers will increase to 500 digital currency investors to flock to Puerto Rico in the coming twelve months. The coming weeks will see Puerto Rico host a slew of cryptocurrency conferences. Co-founder of Blockchain Capital (a venture capital firm that invests in blockchain-enabled technology) Brock Pierce, believes that Puerto Rico’s entrepreneurial spirit and comfortable tax benefits make it an enticing place to launch a revolution in virtual currency.