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As crypto winter cools the Miami heat, the city’s ambition to become a center for digital assets is feeling the chill as well.
FTX Arena in Miami, Florida on Nov. 17.
Photographer: Eva Marie Uzcategui/BloombergSharon Beriro
Beth Williams
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Miami has always been famous for its beaches, beautiful people and glamorous nightlife. More recently, the city grabbed attention for trying to establish itself as a crypto hub, and witnessed an influx of digital-asset startups as entrepreneurs flocked to its palm-tree-lined streets. They were attracted by both Miami’s charismatic, crypto-friendly mayor Frances Suarez and the promise of lower taxes.
The signs were everywhere: There were crypto-specific happy hours, major crypto conferences, a retail space dedicated to the Solana blockchain and even a token just for the city and its residents: MiamiCoin. And then of course … there was FTX.
The now-bankrupt crypto exchange had the naming rights to the basketball arena for the Miami Heat. And about a month before FTX’s stunning collapse, the exchange had to move one of its top branches to the heart of the city's financial center.
In the aftermath, and with sentiment decidedly negative in crypto markets, Miami faces tough questions about whether it should put so much of its hopes into the digital-asset industry’s future.
Bloomberg reporter Carly Wanna was recently in Miami and she joinsin this episode to break down how the tropical city is adapting to the recent crypto crisis.
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This podcast is produced by the Bloomberg Crypto Podcast team: Supervising producer: Vicki Vergolina, Senior Producer: Janet Babin, Producers: Sharon Beriro and Muhammad Farouk, Associate Producers: Mo Andam and Ty Butler. Sound Design/Engineer: Desta Wondirad.
