As a seasoned crypto investor with over two decades of experience in this dynamic industry, I have witnessed the rise and fall of countless projects and personalities. However, the saga of Brock Pierce has left me scratching my head in bewilderment more than once.
Rather than establishing a thriving cryptocurrency center, Brock Pierce finds himself embroiled in multiple lawsuits and financial obligations, with no less than three cases still unresolved.
As reported by The New York Times, Bitcoin expert Brock Pierce aimed to rejuvenate Puerto Rico’s economy using cryptocurrencies; however, he found himself ensnared in complex legal disputes and conflicts with his associates.
In the year 2017, I found myself settling on an island and became part of the “Puerto Topia” initiative, a vibrant community catering to cryptocurrency investors and budding technology entrepreneurs like myself.
After that point, this entrepreneur has acquired no fewer than fourteen properties, such as the storm-struck W Beach Resort, the Monastery Hotel, a medical facility in Humacao, and an NFT art exhibition space.
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Who is Brock Pierce?
In the world of cryptocurrency, Brock Pierce is recognized not just as an American businessman and past child performer, but also as a passionate presenter on blockchain technology and a co-founder as well as advisor for Blockchain Capital.
Among his numerous accomplishments, Pierce played a significant role in establishing Block.one, the developer of the EOSIO protocol, as well as Blockchain Capital, a venture capital firm that boasts investments in renowned companies such as Bitfury, Blockstream, Coinbase, Kraken, Parity Technologies, Ripple, ShapeShift, and several others.
Additionally, it’s worth noting that Pierce was appointed as the head of the Bitcoin Foundation. This decision led to a number of resignations, with individuals citing past accusations of child abuse against Pierce. However, these allegations never resulted in formal charges, and Pierce has consistently maintained his innocence.
Legal problems in crypto utopia
According to the New York Times, the reopening of the W Hotel resulted in outstanding debts and legal issues. Ultimately, Pierce was forced to relinquish control of the hotel due to his delay in returning a $10 million loan to partner Joseph Lipsey III.
All the stuff he moved to Puerto Rico for, and he’s talking about, he’s not doing.
Additionally, he leveled charges against the experienced Bitcoin figure for mishandling finances. In response, Pierce attempted, unsuccessfully, to regain control legally, labeling the loan repayment conditions as underhanded maneuvers.
Initially involved in the acquisition of the hotel, Gonzalo Gracia, a local developer, found himself unexpectedly excluded from the project. A lawsuit filed in 2022 stated that he allegedly did not receive the promised $790,000 commission from Pierce.
As an analyst, I’ve been informed by one of their staff members that the hospital is grappling with financial hardships. He mentioned that they require additional equipment to ensure optimal operations, and personally, I’m still waiting on a significant sum—tens of thousands of dollars—in my salary.
The NFT art collection has been listed for purchase, while the idea of establishing a community center remains unfulfilled.
Experience the marvel of a unique NFT art gallery showcasing Rainbow Lightning masterpieces! 🌈⚡️
— Brock Pierce (@brockpierce) September 1, 2022
Lawsuits against Pierce
According to reports, Pierce apparently requested his yacht manager, Hugo De la Uza, to fix the boat last year, yet he had not set aside any money for this purpose.
He often utilized the boat for transporting his companions, both ways, between it and the W. A majority of these passengers were American, whom he aimed to persuade into providing him with funds.
In addition to the current case, there are at least three ongoing legal disputes involving the businessman in the local judicial system. Moreover, another issue has arisen concerning Stephanie del Valle, the director of the Puerto Rican beauty pageant.
During the summer season, an individual acting on behalf of the Puerto Rican basketball team Mets de Guaynabo requested over $25,000 from a local businessman. This amount was due to him as part of a previously agreed-upon sponsorship agreement.
According to those who know him, Pierce appears to be facing financial difficulties. Yet, in an interview with the New York Times, Pierce asserts that the situation has been misconstrued and insists he’s prepared to invest. He firmly denies any allegations of financial troubles or dishonesty on his part, expressing his excitement about playing a significant role in advancing Puerto Rico’s progress.
Puerto Rico: a new tax haven for bitcoin millionaires
Many U.S. residents choose Puerto Rico as a tax haven for developing crypto businesses.
As an analyst, I’ve observed that individuals often choose to relocate due to several compelling factors. Among these are the attractive tax benefits associated with certain residencies, such as those offered in the Caribbean islands, which boast not only favorable tax regimes but also delightful climates. Furthermore, the undeveloped nature of these locations presents a unique opportunity for establishing new ventures and growing existing projects, making them an enticing prospect for many. This insight is drawn from articles published in The New York Times.
For centuries, Puerto Rico has been a hidden treasure, an alluring island that’s often been disregarded and unfairly treated. Perhaps it’s time, after half a millennium, to rectify this situation.
Mr. Clemenson, Lottery.com co-founder
2012’s Act 22 offers its advantages, initially enacted to prevent economic ruin and subsequently revised. It specifically waives taxes on passive income and capital gains, but it’s only applicable to immigrants.
Starting from 2018, a significant number of successful American cryptocurrency entrepreneurs have been relocating to Puerto Rico more frequently. Pierce serves as the head of this trend, stating that the primary motivations behind this migration include empathy, admiration, and a desire for financial transparency.
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2024-08-18 16:00