The island even kicked off its first Puerto Rico Blockchain Week on Dec. 6. On the first day of the conference, Puerto Rico House Speaker Rafael “Tatito” Hernandez announced that the legislature would look into using blockchain technology to reduce government graft.
Eventually, “Puerto Rico will be recognized as a blockchain capital,” said Michael Terpin, the founder of BitAngels, who relocated to the island from Las Vegas in 2016. He says he’s referred to as the “messiah” in crypto circles for evangelizing the island’s tax benefits and new business community.
Paradise Living
The crypto crowd has primarily gravitated to three areas along the coast.
There are the secluded escapes, like Bahia, which sits 26 miles east of San Juan, and the Ritz-Carlton-branded Dorado Beach resort, about 23 miles to the west of the capital. Those seeking a more urban lifestyle have opted for Condado, a high-end neighborhood and shopping district in San Juan, where condo and hotel towers line the oceanfront.
“There’s restaurants and there’s coffee shops and there’s a mall,” said Brent Johnson, the CEO of wealth management firm Santiago Capital, who moved from San Francisco to Condado in May. “It’s kind of like a mini Miami.”
During his time in Puerto Rico, Johnson has been able to connect with wealth management, private equity and crypto firms, as well as people in the real estate, pharmaceutical, energy and agricultural sectors.
“I felt like I could come here, do my job, and still be plugged into the financial community, much more so than going to somewhere like Hawaii or Mexico,” he said.
As for life in Bahia, “it’s like living in a rainforest,” said Ikigai’s Emtman. Except in this rainforest you can play tennis, basketball, golf, lift weights in the gym or go kayaking. When the sun goes down, the sports are swapped out for drinks.
“The welcoming nature and the friendliness and the inclusiveness of people means you end up over at someone’s place for a meal or a couple drinks,” he said.
That was the case for Brent James, a crypto investor who moved to Puerto Rico in 2018 from Atlanta.
About two months ago, he was eating tacos with a friend in Condado when he spotted Johnson biking. James recognized Johnson from his popular Twitter account.
“I shout out his name and he comes over and we started a conversation and became friends,” James said. Johnson invited him to a small gathering, which led to conversations about new projects and business opportunities.
“There’s a hunger for knowledge and opportunity on the island,” James said.
Property Boom
The influx of newcomers is causing waves in the real estate market, particularly in the resort communities.
Dorado has seen the most growth, with prices almost tripling, according to Priscilla Ferrer, a Puerto Rican broker and appraiser.
“It’s absurd,” she said. “These luxury properties are getting bought for an emotional rate and not an economic rate.”