In 2022, under the dazzling Puerto Rican sun, cryptocurrency entrepreneur Brock Pierce often sailed with friends to the idyllic island of Vieques, just 75 miles from his residence in Puerto Rico. His destination was a luxurious beachside resort, formerly a W Hotel, which he had acquired for over $15 million. For Pierce, this property wasn’t just an investment; it was “the most important passion in my life,” a symbol of his ambition to revitalize the local economy using his crypto wealth.
Once a jewel of the island, the resort boasted a 6,000-square-foot spa, gourmet restaurants, and breathtaking ocean views. It was a vital source of tourism-driven jobs in Vieques until 2017 when Hurricane Maria devastated the hotel, forcing its closure. Pierce envisioned restoring the resort to its former glory, using his cryptocurrency fortune to breathe new life into the property and the surrounding community.
Pierce, a former child actor known for roles in the “Mighty Ducks” movies and “First Kid,” had a flair for the dramatic. On visits to Vieques, he would anchor his Italian-made yacht at a local harbor before leading guests to the gates of the shuttered hotel, along a beach where wild horses roamed free. “This was my massive personal bet,” Pierce recalled, “This was where my heart was.”
But as with many of Pierce’s grand ventures in Puerto Rico, the dream of restoring the W Hotel has unraveled. The project, once a symbol of opulence and hope, is now entangled in unpaid bills and legal disputes. Last fall, Pierce lost the property in a battle with another investor. The hotel remains closed, its once-glamorous windows now shattered, its floors covered in mold and horse dung, and a $17,000 lounge chair abandoned in the empty atrium.
Pierce moved to Puerto Rico in 2017, heralding himself as a pioneer of a new crypto-fueled economic renaissance. He led a wave of crypto enthusiasts and investors to the island, promising to transform it into a haven for technology startups and digital innovation, a vision they dubbed “Puertopia.”
Puerto Rico was an attractive destination for these entrepreneurs, thanks to Act 60, a law passed in 2012 that turned the island into a tax haven for wealthy transplants. The law allows new residents to pay zero capital gains taxes, a benefit aimed at boosting investment in an economy struggling after decades of financial crisis.
However, Pierce’s vision of a cryptocurrency-driven revival has yet to materialize. Instead, his plans have become mired in controversy. According to court records and interviews with more than two dozen people familiar with his endeavors, Pierce’s business partners have turned against him, and there are growing concerns about his financial stability. Despite the influx of tech entrepreneurs, there is little evidence that their arrival has significantly benefited the local economy. Instead, these newcomers have become symbols of a new wave of exploitation, as housing prices in coastal towns have soared, displacing local families.
The discontent is palpable. On a stretch of wall outside the W Hotel, local artists have painted a mural depicting Pierce dressed in a crimson tunic, holding a sign shaped like the Bitcoin logo. The caption reads “Colonialismo,” a stark commentary on the perceived new era of colonization by wealthy outsiders.
On a recent Friday evening, Pierce, now 43, was spotted at the Monastery, a former Masonic lodge turned hotel in Old San Juan, which he purchased in 2018 for $4.8 million. Seated with a cup of coffee, wearing a wide-brimmed orange hat and a T-shirt emblazoned with the words “bruised never broken,” Pierce gestured toward the window overlooking Calle del Cristo. “This is some of the first colonial Spanish conquistador infrastructure that was developed,” he remarked, noting that the view now belonged to him.
Pierce’s story is one of grand ambitions and the harsh realities of unfulfilled promises. Arriving in Puerto Rico with an eclectic background— the son of a homebuilder and church officer from Minnesota, a former child actor, and a pioneer in the world of cryptocurrency—Pierce quickly became one of the most recognizable figures among the island’s new tech elite. Yet, as his dreams of a crypto-powered revival falter, so too does the belief in the transformative power of digital currency in Puerto Rico.
As Pierce’s influence wanes and his projects remain incomplete, the island is left to grapple with the consequences of a vision that has yet to deliver on its promises, raising questions about the true impact of the cryptocurrency boom on local communities.
