The Unraveling of a Crypto Dream

🌈 Abstract

The article discusses the failed crypto promises of Brock Pierce, a cryptocurrency entrepreneur who moved to Puerto Rico in 2017 with the goal of revitalizing the local economy. However, his various business ventures and projects in Puerto Rico have been mired in legal disputes, unpaid bills, and conflicts with his business partners. The article highlights how Pierce's arrival, along with other wealthy crypto migrants, has become a symbol of a new era of exploitation in Puerto Rico, with housing prices surging and displacing local families.

🙋 Q&A

[01] Brock Pierce's Arrival and Promises in Puerto Rico

1. What were Brock Pierce's main promises and goals when he moved to Puerto Rico in 2017?

• Pierce promised to use his crypto wealth to revitalize the local economy and turn Puerto Rico into a hub for crypto investors and technology startups
• He led a wave of crypto industry migrants to Puerto Rico, many of whom started buying land and trumpeting a project called "Puertopia"
• Pierce aimed to reopen a shuttered W Hotel resort in Vieques and use it to showcase his vision for reviving the local economy

2. How did Puerto Ricans initially react to Pierce's arrival?

• There was immediate local backlash, with graffiti messages like "Gringo go home" appearing on buildings
• Many locals saw Pierce and other wealthy newcomers as the latest in a long history of global elites treating Puerto Rico as their personal playground

3. What were some of the legal disputes and issues that arose with Pierce's business dealings in Puerto Rico?

• Pierce had conflicts and lawsuits with various local partners, who accused him of exploiting them, failing to pay bills, or cutting them out of deals
• He faced a legal dispute with another Act 60 arrival, Joseph Lipsey III, over the W Hotel in Vieques, which Pierce ultimately lost control of
• Pierce was also sued by a Puerto Rican pageant executive, Stephanie del Valle, over a failed deal to produce the Miss World pageant

[02] Pierce's Business Ventures and Reputation in Puerto Rico

1. What were some of the other business ventures and properties Pierce acquired in Puerto Rico?

• Pierce bought at least 14 properties in Puerto Rico, including the Monastery hotel in Old San Juan and a hospital in Humacao
• He announced plans to convert many of these properties into new projects like an art gallery and community center, but most of these ventures never materialized

2. How did Pierce's reputation and relationships with local Puerto Ricans evolve over time?

• Initially, Pierce was able to charm some locals with his openness and curiosity, adjusting his behavior to suit the audience
• However, over time, more Puerto Ricans began to view Pierce as an exploitative outsider, with lawsuits and conflicts arising with various local partners
• Pierce's reputation as a "savior" of the Puerto Rican economy became tarnished as his business dealings fell apart

3. What are some of the financial and legal issues Pierce is currently facing?

• There are signs that Pierce is running low on cash, with allegations of unpaid bills and debts to local partners and businesses
• Pierce has also voiced concerns about his safety in Puerto Rico, and has discussed plans to build a weapons repository in Vieques as a form of protection
• Multiple lawsuits against Pierce are currently pending in Puerto Rican courts