Skip to main content

The Perfect Storm That Created—and Sustains—Puerto Rico’s Crypto Boom

From tax incentives to its Caribbean location, the territory has proven hospitable to blockchain innovators.

Crypto investor Michael Terpin proudly claims the title: "First member of the blockchain world to relocate to Puerto Rico." 

The founder and CEO of Transform Group, BitAngels, and CoinAgenda moved to the island in 2016. In the past five years, he estimates that over 500 crypto innovators have followed in his footsteps. The conditions for the future growth of blockchain activity in Puerto Rico, he says, continue to constitute “a perfect storm.”

The territory’s tax incentives have played a major role in drawing entrepreneurs, particularly with the recent administration change. “I don't think it would have happened as fast without the change from Trump to Biden and a lot of the really aggressive talk, whether it comes to pass or not, about [Democrats pushing for] a tax,”Terpin said. “It's a little different world out here. People are actually enjoying the sun, having fun, and saving taxes.”

For those seeking a bigger city and faster-paced urban environment, Terpin echoed others at Blockchain Week by noting the rise of Miami as a blockchain hub. San Juan and Miami, said Terpin, have emerged as the "sister cities of the bitcoin world.”

Scroll to Continue

Recommended for You

Watch the full interview: