To start the Bitcoin 2022 conference in Miami yesterday, the city put up a 3,000-pound bull statue to show that the city is the “future of finance.”
A lot of the things about Miami’s plan to become the world’s crypto capital aren’t clear.
On the event: More than 25,000 people have come to Miami to hear big news and drink mojitos with the most important people in crypto. They’re excited about how blockchain technology could change the way people do business. One of the richest people in the world, Michael Novogratz, said yesterday that when the Fed stops raising interest rates “bitcoin goes to the moon.”
Right now, the world’s biggest cryptocurrency is having a hard time getting into space. It’s down about 30% from its November high.
Bitcoin may not be as important as the city of Miami, where mayor Francis Suarez has made it his goal to attract crypto businesses during the pandemic. The conference may not say as much about bitcoin as the city. Miami used to be a city with palm trees and low taxes. But now, thanks to Suarez, the city has become a major player in the crypto world. It went from $6 million in 2020 to $745 million the following year, according to PitchBook.
There is still a lot of work that Miami needs to do if it wants to be the “future of finance,” but it’s getting there. There were a lot of crypto businesses in San Francisco and New York City last year, and they both raised a lot of money. If you look at where VC money is going to crypto startups, Miami is in fifth place in the United States.
Miami will also need to back up its marketing machine with real-life results. I like that the Miami Heat’s arena is now called FTX, but the city doesn’t have a top university like Stanford, which sends people to work in tech in Silicon Valley. I don’t mean any harm to the U.S.
When we talk about Miami, it’s good for the city’s crypto dreams that we even talk about it at all.
Watch this video to learn more about crypto. It talks about how the US plans to regulate it.