Why Miami Still Bets on Cryptocurrency Despite FTX Collapse

Miami has always been known for embracing new trends. So, it comes as no surprise that they welcomed cryptocurrency with open arms. From fancy beachfront restaurants accepting Bitcoin to government offices exploring blockchain technology, crypto seemed like the future of finance. This excitement reached its peak in 2022, when Miami made headlines for attracting crypto companies and its then-mayor, Francis Suarez, became widely known as “Crypto Mayor.” But then, November 2022 hit us all like a crypto crash—the spectacular FTX collapse, the crypto exchange that had secured naming rights to the Miami Heat’s stadium, sent shockwaves through the industry.

So, with this massive blow, is Miami’s love affair with crypto over?

Absolutely not! While the FTX collapse undeniably shook things up, Miami’s commitment to the cryptosphere remains strong. Let’s explore why this vibrant city continues to see itself as a major crypto hub, even amidst the current market downturn.

Cryptocurrency’s Booming Return

Despite the FTX collapse, there are signs that Miami’s crypto scene is far from dead. In fact, 2024 has witnessed a renewed interest in Bitcoin investment. Earlier this year, Bitcoin’s value skyrocketed to a staggering all-time high of over $73,000, a significant increase compared to its price point of around $20,000 in March 2023.

This resurgence aligns with industry expert Jeff Sekinger’s prediction of cyclical trends in the crypto market. Sekinger, a Miami-based finance professional, believes Bitcoin experiences four-year cycles, with three years of bullish growth followed by a year of correction. The FTX collapse likely marked the end of the last bear market, paving the way for the current upswing.

One factor contributing to the increased investment this year is the much-anticipated launch of the Bitcoin exchange-traded fund (ETF) approved in January. This development allows established investment firms like Blackrock and Fidelity to enter the Bitcoin market, potentially bringing in a wave of new investors.

Miami: A Crypto Hub With Staying Power

Now, you might be thinking, “This all sounds great, but is crypto actually being used in Miami?” The answer is a very strong yes! Some businesses are accepting cryptocurrency for payments, and with all the crypto talent concentrated in the city, the potential for further adoption is massive.

The city’s actively building a welcoming environment for crypto businesses and individuals. Here’s a glimpse into what they’re doing:

  • MiamiCoin Still Minted: Let’s talk about MiamiCoin, the city’s very own cryptocurrency. Launched in 2021, MiamiCoin allows anyone to “mine” coins by contributing computing power to the network. A portion of the proceeds go directly to the city treasury, offering a novel way to raise funds. While the price of MiamiCoin has fluctuated, the project itself remains operational, showcasing Miami’s commitment to exploring innovative financial solutions.
  • Thriving Crypto Community: Miami boasts a vibrant community of crypto companies and enthusiasts. From established players like Securitize, a leading blockchain firm, to innovative startups like GamerGains Lab, the city is a breeding ground for crypto innovation.
  • Talent Pool and Investment: Miami is actively courting blockchain talent. Universities like Florida International University (FIU) are offering blockchain-focused programs, aiming to create a skilled workforce for the burgeoning industry. Additionally, major investment firms like Andreessen Horowitz (a16z) have established a presence in Miami, indicating continued investor confidence in the city’s crypto potential.

Why Bitcoin’s Limited Supply Matters

One of the core things that makes Bitcoin so special is its limited supply. Unlike regular money that governments can print endlessly, there’s only a set number of Bitcoins out there—21 million, to be exact. This scarcity is what protects its value against inflation, making it a valuable asset, kind of like gold or diamonds.

“More dollars coming in doesn’t mean more Bitcoin will be released,” explains Sekinger. “We know exactly how much Bitcoin will be released over the next century, and 93% has already been mined. Only 7% remains to be mined in the next 100 years.” This limited supply makes Bitcoin an attractive investment for those seeking protection against inflation.

So, what does this all mean for you?

If you’re a crypto enthusiast visiting Miami and looking for a place to stay, look no further than MAK Realty! We understand the potential of cryptocurrency and are proud to be one of the forward-thinking accommodation providers accepting various cryptocurrencies for payment.

But wait, there’s more!

To celebrate Miami’s continued journey with cryptocurrency, MAK Realty is offering a special discount for bookings paid entirely in crypto. Book your dream vacation in sunny Miami and experience the future of finance, all while saving some precious crypto coins!

So, what are you waiting for? Pack your virtual wallets, your beach essentials, and get ready to experience Miami’s vibrant energy. Contact MAK Realty today and let us help you plan your dream crypto-powered Miami escape. 

After all, the future is here, and Miami’s right at the center of it!

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