TL;DR: Cryptocurrency-friendy island and US territory Puerto Rico is in the midst of a historic transition. After weeks of calls for him to step down in light of a Telegram messaging group scandal, Governor Ricardo Rosselló announced he will resign effective August 2nd, 2019. Rosselló was widely believed to be supportive of crypto-entrepreneurial efforts there, but does his ouster place in jeopardy projects associated with the young, disgraced politician?

Puerto Rico Governor Ricardo Rosselló Resigns

He was hand-picked by all the correct continental moguls as an early Hillary Clinton delegate, and is son of a progressive political dynasty on the island. Before 40 years old, Ricardo Rosselló became governor of the legally precarious territory in 2016 on a strong platform of urging ultimate statehood for its inhabitants.

Puerto Ricans have been US citizens for over a century, and the Caribbean oasis has been in political purgatory ever since. On the one hand, having the US as your neighbor and strategic partner has its advantages. On the other, its proud people have long complained of a lingering colonial air about the arrangement.

By late 2017’s cryptocurrency speculative price boom, everything was set in motion for Puerto Rico’s potential as an entrepreneurial lure. Hurricane Maria devastated vast swaths of the island, and the perfect storm terrible pun became reality. The area’s ease of access for US citizens who didn’t need a Visa to travel or reside in Puerto Rico, its relatively low rate of taxation, and an urgent need for capital investment caught the eye of cryptocurrency characters such as Brock Pierce.

A Bunch of Ugly, Tacky, Gaudy, Horrifying, Terrible Art Suites

In early 2018, word was out. Pierce, a colorful hippy self-styled blockchain investor who often speaks in elliptical phrases bordering on the mystical, scored a very long article in The New York Times. The piece recounted well-worn stories of blight on the island and of the crypto Pierce’s cadre snapping up of buildings, putting on conferences, and making rather large promises. When summer rolled around, Rolling Stone gave the group still more publicity.

Even prior to Maria’s natural wrath, Puerto Rico was basically insolvent. Years of alleged corruption and generous public employee pensions and entitlements sapped local services. With the cryptocurrency big shots offering to revitalize the area, politicians then were all too eager to make them feel comfortable. Rosselló himself spoke in March of that year at a cryptocurrency conference.

More than a year later, however, it’s difficult to see what’s become of that early 2018 crew and their hopes, especially since the broader market tanked during the interim. The Crypto Rico MeetUp page boasts nearly 800 members and appears to have regular and upcoming gatherings. In April, something like a cryptocurrency bank/exchange launched. And, according to one observer, Rosselló “mentioned crypto” in his recent resignation speech.

Still, much of the ecosystem remains skeptical as anti-colonial sentiment on the island gains again in popularity. Just weeks ago, Giancarlo The Tether Whisperer lashed out, “Brock Pierce’s Contribution to San Juan, Puerto Rico? A bunch of ugly, tacky, gaudy, horrifying, terrible Art Suites. Just what Puerto Rico needed, you stupid assh*le,” urging those involved to stop working with Pierce. At the governor’s resignation, Bryce Weiner lamented, “And so dies the dream of Crypto Rico.”

DISCLOSURE: The author holds cryptocurrency as part of his financial portfolio, including BCH.

CONTINUE THE SPICE and check out our piping hot VIDEOS. Our podcast, The CoinSpice Podcast, has amazing guests. Follow CoinSpice on Twitter. Join our Telegram feed to make sure you never miss a post. Drop some BCH at the merch shop — we’ve got some spicy shirts for men and women. Don’t forget to help spread the word about CoinSpice on social media.