The Cryptocurrency Pioneer Who Ultimately Failed to Revive Puerto Rico

In an effort to stimulate its economy, Puerto Rico introduced tax incentives in 2012 designed to attract business and residency from U.S. mainland citizens, offering them the opportunity to pay zero capital gains taxes. However, the influx of entrepreneurs, particularly from the tech and cryptocurrency sectors, has not significantly benefited the island’s economic landscape, as recent findings indicate. Many have abandoned their endeavors, leaving behind a trail of incomplete projects, as highlighted by a recent investigation by the New York Times. This report particularly examines the activities of Brock Pierce, a 43-year-old ex-child star and creator of the troubled digital currency Tether, whose ventures on the island, including an aggressive real estate investment strategy, have mostly been unsuccessful and fleeting.