Facebook’s former product manager and whistleblower Frances Haugen have revealed that she is an early investor in cryptocurrencies.
In an interview with the New York Times, Haugen indicated that her investment has partly contributed to her becoming financially independent.
Haugen, currently residing in Puerto Rico, stated that she would be in the territory for the foreseeable future, thanks to her strategic investment in digital currencies.
She added that her decision to move to Puerto Rico, a U.S. territory, was motivated by her desire to join other ‘crypto friends’.
“For the foreseeable future, I’m fine because I did buy crypto at the right time,” she said without revealing the specific cryptocurrencies.
Haugen made headlines after claiming that Facebook knowingly spread controversial and insensitive misinformation. According to Haugen, she still holds numerous confidential research documents that allegedly highlights Facebook’s motive to prioritize profit over the well-being of users.
In her testimony, Haugen also insinuated that the social media giant changed its algorithms, causing more societal division. The changes allegedly made people keep logging on to the platform.
Puerto Rico attracting crypto investors and businesses
Puerto Rica has attracted cryptocurrency investors who aim to take advantage of the jurisdiction’s relaxed tax laws in recent years. Recently, crypto firms, including the hedge fund Pantera Capital and NFT marketplace SuperRare, shifted operations from New York and Silicon Valley to Puerto Rico.
Notably, the island has a hands-off approach to capital gains, income, and business taxes, attracting more investors to the jurisdiction. On the contrary, U.S. residents are required to file gains acquired from holding cryptocurrencies.
Furthermore, investors like Haugen only need to reside in the country for 183 days a year to benefit from the relaxed tax laws. They’re also required to show other evidence of local residencies like obtaining local bank accounts, driver’s licenses, and voter registrations.
Featured image via C-SPAN YouTube.