Thousands of cryptocurrency enthusiasts are flocking to Miami. Despite Miami’s underdog status, he has built a reputation as one of the leading locations for blockchain technology development. The Bitcoin 2022 Conference, held Wednesday through Saturday, is used by dozens of companies as a meeting place to network, present ideas, and share announcements within and outside the industry. New York City and Silicon Valley continued to lead in blockchain startup funding with $6.5 billion and $3.9 billion, respectively, in 2021, but Miami now has a $700 million firm, according to market research firm CB Insights.
Comparing it to San Francisco`s South of Market neighborhood and New York City’s Brooklyn. “Ultimately you want to be with the other tech companies.” Many cite a welcoming environment cultivated by local officials, mainly Miami Mayor Francis Suarez, who has attracted national attention by luring tech investment and becoming one of America’s crypto-friendly mayors. Others note that both Miami and Florida are business-friendly and remained open during the pandemic.
Linked to Los Angeles with over $60 million in funding. His cryptocurrency exchange FTX bought the naming rights to the NBA Arena in downtown Miami last year, replacing American Airlines. The largest crypto company to move to Miami so far, Blockchain.com, will house 200 employees at a location in the hip Wynwood district, where other tech firms and investors are setting up shop as well. “Wynwood just really has that sort of spirit that you are looking for when a new tech sector is built,” said Blockchain.com CEO and co-founder Peter Smith.
Making it more attractive as a location where people could work remotely. “It’s hard to deny this is an amazing opportunity for companies to come here and build out their project in crypto,” said John Bartleman, CEO of a Plantation, Florida-based TradeStation, a multi-asset broker. Bartleman’s company ordered a 10-foot-tall robotic bull statue intended to emulate Wall Street’s “Charging Bull.” The artwork was unveiled by Mayor Suarez on Wednesday to a jubilant crowd gathered in Miami Beach to kick off the conference.
Are hardly included in More broadly, critics have questioned the underlying assumptions of cryptocurrency’s claimed value and utility, blaming blockchain technology’s hype and previously unrealized promise to benefit early entrants. Some compare it to pyramid schemes but all others fail.
“Welcome to the future of finance,” Suarez said. “I’ll give you the Miami bull!” All that enthusiasm contrasts with Bitcoin’s own rough years. Financially, the cryptocurrency peaked at $67,553.95 in November before collapsing in half in late January. It has remained down about 30% since its November high. Bitcoin also supports many of the hottest cryptocurrency trends such as non-fungible tokens (NFTs), which purportedly offer a way to auction “one-of-a-kind” copies of digital art and other cyber objects.
- At the bitcoin conference, Miami’s cryptocurrency mania is on full show
- Check all news and articles from the latest Business news updates.