A two-day investment summit in San Juan, Puerto Rico was held to woo investors to the bankrupt U.S. territory and the first since Hurricane Maria devastated the island. The outcome was surprising as some new faces, particularly from the fast-growing cryptocurrency world were in attendance.
Typical attendance of panelists and attendees like various hedge-fund creditors who hold a $71.5 billion as debt of the island, were notably light on the occasion.
Michael Terpin, the world leader in blockchain and ICO PR and advisory services, which have represented more than 40 ICO’s till date, told the crowd at the Puerto Rico Convention Center he was the first from the crypto world to move to the island in 2016.
Terpin’s main point of contention was to take advantage of tax breaks under Puerto Rico’s Acts 20 and 22 that benefit wealthy job creators who move to Puerto Rico from other jurisdictions. He also said, “I hate it when I hear a talented person has to leave Puerto Rico because there’s no jobs here, we are bringing jobs.”
Terpin predicts the number of cryptocurrency entrepreneurs in Puerto Rico, who have moved in on the island over the last one or two years, to grow from 50 to an astonishing 500 within the next 12 months. Over the course of six weeks, the island will host three separate cryptocurrency conferences as well.
Brock Pierce, co-founder of Blockchain Capital, a venture capital firm investing in blockchain-enabled technology, who was a speaker for the same summit said, “Puerto Rico has the mix of entrepreneurial spirit and tax benefits to make it an attractive launch pad for a what he views as a digital currency revolution.”
He also mentioned, ”We’ve been connecting all the dots, getting all the pieces in place. This is the year when scalability hits, when big ideas become possible.”