Puertopia (Sol)

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Puertopia also known as Sol is a name for a portion of Puerto Rico that cryptocurrency entrepreneurs are turnong into a cluster for cryptocurrency innovation. [1]

History

The inspiration for creating Puertopia came from a group of several dozen cryptocurrency entrepreneurs and investors known as crypto utopians lead by Brock Pierce a co-founder of Block.one which developed EOS. The crypto utopians wanted to build a place that would be run based on the principles that underpin the movement towards blockchain technology including decentralization. [1]

“Compassion, respect, financial transparency,” Mr. Pierce said when asked what was guiding them here. [1]

Many of the crypto utopians originally from California had grown frustrated with the mainland United States' hostility towards cryptocurrency. They were also frustrated by the high federal and state taxes around cryptocurrency and other investments in the mainland United States. [1]

Halsey Minor the founder of CNET and Videocoin said:

“The U.S. doesn’t want us. It’s trying to choke off this economy. There needs to be a place where people are free to invent.” [1]

The movement physically began when Brock Pierce along with other crypto utopians started buying property on the island in December, 2017. [1]

Location

Image
Photo of the children's museum in Puertopia which crypto utopians are turning into a crypto clubhouse.

The crypto utopians chose Puerto Rico since the island has no federal personal income taxes, no capital gains tax and favorable business taxes. Also since Puerto Rico is a territory of the United States, US citizens can utilize these tax savings without having to renounce their citizenship. [1]

As of February, 2018 the crypto utopians have mainly been working out of two hotels and a museum in Old San Juan. They started in the Hotel El Convento known as "The Monastery" and Condado Vanderbilt Hotel. They have also been using a children's museum located in Old San Juan which they plan on turning into a crypto club house. [1]

The decision to move to Puerto Rico was also influenced by Hurricane Maria which devastated much of the island. The crypto utopians saw Puertopia as an opportunity to help the territory rebuild. [1]

The local government has been receptive toward the crypto utopians; with the governor, Ricardo Rossello speaking at a blockchain summit conference, called Puerto Crypto, in March, 2018. [3]

Crypto utopians as of Febuary, 2018 are deciding where within Puerto Rico to establish Puertopia. Some have suggested moving into Old San Juan and turning into Puertopia. Other crypto utopians have suggested a more ambitious plan of buying around 250,000 acres of land in Puerto Rico and incorporating the land into their own city. [1]

Leaders

The New York Times has credited Brock Pierce, a co-founder of Block.one the company which developed EOS as the leader of the movement. [1]

Notable people involved in the movement include:

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