Bitcoin billionaire Brock Pierce wants to transform Puerto Rico into a crypto paradise

At 37, Brock Pierce is a billionaire. And he has chosen storm-ravaged Puerto Rico as his new home.

"Puerto Rico has the possibility now to be put on the map as a hub of innovation," he told Foreign Correspondent. "And the pleasure of bringing essentially the most innovative industry the world has ever seen to a place that normally wouldn’t have been a hub, that’s a wonderful thing if it works."

Mr Pierce was a child actor in the 1990s, starring in Disney films such as The Mighty Ducks.

He went on to invest in video games before making a fortune in cryptocurrencies such as bitcoin, which jumped from below $US1,000 ($1,346) to nearly $26,932 in 2017, before crashing to a low of $8,887 in April.

But Mr Pierce said the technology that made cryptocurrencies possible would change the world.

"Has the internet changed our lives? Have mobile phones changed our lives? The blockchain is something that is that transformative," he said.

"But you don’t need to understand it in the same way that you know how your phone works."

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