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Crypto is Helping Turn Puerto Rico Around

Local Puerto Ricans are gaining financial freedom through the community

Crypto enthusiast Sean King understands that some people might view the recent surge of people to Puerto Rico as colonialism, but he thinks it may actually be helpful for the local residents.

In recent years, Puerto Rico has become a central hub for crypto and blockchain experts, amateurs, and everything in between. The island has grown into a community of like-minded people who want to gain financial freedom, literacy, and independence using cryptocurrency. King said this can benefit the local Puerto Ricans as well.

“If the crypto world does what I know it's going to do, and with the hub that Puerto Rico already has—if Puerto Rico doesn't mess it up, and I don't think they will— absolutely, it's gonna be a huge boon to the local community,” King said.

King said he’s proud of the new Puerto Rico Blockchain Trade Association. The association has been doing programs called “Crypto Curious” where they educate locals every week for free about cryptocurrency.

“I know that's going to continue into the future and it's something that we hope to really expand on and multiply,” King said. “Crypto and Puerto Rico are very good for each other.”

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King said most of the locals have embraced the crypto community. However, King said, there is a small percentage of Puerto Ricans who view the crypto community as colonists and don’t want them there.

“I understand entirely where they're coming from. If I had grown up in the situation they were, I might feel the same way, but I didn't,” King said. “And because I didn't, I think I have, maybe, a broader perspective.”

King said over 20 years ago, there were over 4.3 million people on the island. Currently, the population sits around 3 million people, losing 25% of the population in two decades. King said this is not a sustainable trend and it’s going to continue to dwindle if it’s not reversed.

“You're gonna have to have immigration or nobody here is going to be able to have a meaningful quality of life. And yes, we need to make sure that the folks who come here are respectful of the local culture, the local traditions. But if you care about Puerto Rico, I don't see how you can be opposed to immigration,” King said. “It's truly going to be the salvation of Puerto Rico.”

Watch the full interview: