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These cryptocurrency winners want to build a Crypto Utopia in Puerto Rico

POSTED February 6, 2018 8:59 p.m.
Cryptocurrency owners have chosen a specific location to live out their dreams with all their earnings.

The New York Times reported on Feb. 2 that many people who saw Bitcoin and cryptocurrency success have fled to Puerto Rico.

“They are selling their homes and cars in California and establishing residency on the Caribbean island in hopes of avoiding what they see as onerous state and federal taxes on their growing fortunes, some of which now reach into the billions of dollars,” according to The New York Times.

Cryptocurrency has risen in popularity over the last few months. Innovators have figured out ways to develop technologies based around cryptocurrency. Some have even begun "mining" it — a complicated process, which you can read about at the Deseret News — in hopes of finding financial success.

Cryptocurrency winners, who are mostly men, want to build a new city based solely on cryptocurrency, according to The New York Times. They hope to prove that cryptocurrency and the blockchain, which serves as a ledger for digital currencies, can create a better world.

“They want to build a crypto utopia, a new city where the money is virtual and the contracts are all public, to show the rest of the world what a crypto future could look like,” the article read.

Entrepreneurs spent a long time trying to find the right spot to create their utopia. After Hurricane Maria ravaged through the U.S. territory — leading to a major power outage and possibly close to 1,000 deaths — they saw an opportunity to help rebuild the society with the help of cryptocurrency.

"So this crypto community flocked here to create its paradise," according to the Times.

Read more at The New York Times.

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