CHIMERA COLONY- Humacao, Puerto Rico
After Hurricane Maria devastated Puerto Rico in 2017, the island faced economic collapse and inadequate U.S. aid.
Its status as a U.S. territory offered tax incentives (no federal income tax, no capital gains tax) attractive to crypto investors.
Critics labeled this crypto-colonialism, arguing it benefited wealthy outsiders while excluding poorer locals with little knowledge of blockchain. Rising housing prices displaced residents, and the energy-intensive nature of crypto mining strained the island’s fragile grid. Promises of economic revitalization have largely fallen short for average Puerto Ricans.
Its status as a U.S. territory offered tax incentives (no federal income tax, no capital gains tax) attractive to crypto investors.
Critics labeled this crypto-colonialism, arguing it benefited wealthy outsiders while excluding poorer locals with little knowledge of blockchain. Rising housing prices displaced residents, and the energy-intensive nature of crypto mining strained the island’s fragile grid. Promises of economic revitalization have largely fallen short for average Puerto Ricans.
