SUPER-rich investors who have made billions investing in Bitcoin are flocking to Puerto Rico to build their own crypto-utopia.
After spending months searching for the perfect “playboy’s playground”, many of those that struck lucky are selling up and heading for the capital San Juan.
One of the main attractions of the sun-soaked Caribbean island is the ability to avoid paying taxes on their burgeoning fortunes.
There are no federal personal income taxes, no capital gains tax and decent business taxes for Americans in Puerto Rico, The New York Times reports.
As a bonus, it’s also pretty stunning, with picture-perfect beaches and a colourful culture.
The group first saw the opportunity to move in after Hurricane Maria hit last September, leaving widespread destruction in its wake and creating the option of “rebirthing” the region.
Convinced that blockchain — the technology that underpins the notorious bitcoin — could reinvent society, they hope to create a new city where all the money will be virtual.
At first they planned to call it “Puertopia”, but after hearing that means “eternal boy playground” in Latin, they may change the name to Sol.
The group is headed by Brock Pierce, the director of the Bitcoin Foundation, and co-founder of the start-up block.one, who has around £5 BILLION worth of the virtual currency EOS.
Mr Pierce, 37, a former child actor and professional gamer, landed in Puerto Rico in December and insists the group has grand intentions.
“I’m worried people are going to misinterpret our actions,” Mr Pierce said. “That we’re just coming to Puerto Rico to dodge taxes.”
Together those hatching the plan will take over hotels and even a museum, and have been discussing whether to buy the Roosevelt Roads Naval Station, which has an adjacent airport.