The Unraveling of a Crypto Dream

Brock Pierce, a cryptocurrency entrepreneur and co-founder of Tether, moved to Puerto Rico in 2017 with ambitions to revitalize the local economy through crypto investments. He purchased the W Hotel in Vieques for over $15 million, intending to restore it after Hurricane Maria's devastation. However, his plans have unraveled amid legal disputes, unpaid bills, and a loss of control over the hotel to another investor. Despite his initial promises to transform Puerto Rico into a crypto hub, evidence suggests that his ventures have not benefited the local economy, and many residents view him as part of a trend of exploitation by wealthy newcomers. Housing prices have surged, displacing local families, and Pierce's projects, including a community center and an art gallery, have largely failed to materialize. His relationships with local partners have soured, leading to multiple lawsuits against him. While he has attempted to position himself as a significant figure in Puerto Rico's economic landscape, the reality reflects a series of unfulfilled promises and growing resentment from the local community.

- Brock Pierce's ambitious plans to revitalize Puerto Rico through crypto investments have largely failed.

- His ownership of the W Hotel in Vieques ended in legal disputes and loss of control.

- Many locals view Pierce and other wealthy newcomers as exploitative, contributing to rising housing costs.

- Several of Pierce's proposed projects have not come to fruition, leading to strained relationships with local partners.

- The backlash against Pierce highlights ongoing tensions between local residents and wealthy transplants in Puerto Rico.