Thousands of cryptocurrency enthusiasts are gathering in Miami as the city builds its reputation as one of the key locations for developing blockchain technology despite its disadvantaged status.
Dozens of businesses are using the Bitcoin 2022 conference from Wednesday to Saturday as a place to network, present ideas, and share ads to industry and beyond.
New York City and Silicon Valley continued to lead the funding raised by blockchain startups in 2021, with $ 6.5 billion and $ 3.9 billion. But Miami is now tied to Los Angeles, where companies raised more than $ 760 million in funding, according to market research firm CB Insights.
The FTX cryptocurrency exchange bought the NBA arena denomination rights in downtown Miami last year, replacing American Airlines. The largest cryptocurrency company to move to Miami to date, Blockchain.com, will house 200 employees at a location in the Wynwood fashion district, where other technology companies and investors are also settling.
“Wynwood really has that kind of spirit you’re looking for when building a new technology industry,” said Blockchain.com CEO and co-founder Peter Smith, comparing it to San Francisco’s South of Market and Brooklyn’s New York. “Ultimately, you want to be with the other tech companies.”
Jobs related to cryptocurrencies increased in 2021
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Many cite a welcoming environment cultivated by local officials, most notably the mayor of Miami, Francis Suarez, who has drawn national attention by attracting investment in technology and becoming one of America’s crypto-friendly mayors.
Others point out that both Miami and Florida are business-friendly and kept open during the pandemic, making it more attractive as a location where people could work remotely.
“It’s hard to deny that this is an incredible opportunity for companies to come here and develop their cryptography project,” said John Bartleman, CEO of TradeStation, based in Plantation, Florida, a multi-asset broker.
Bartleman’s company commissioned an 11-foot (3-meter) bull-like statue of a bull to emulate Wall Street’s “Cargo Bull.” The artwork was unveiled Wednesday by Mayor Suarez to a cheery crowd gathered to kick off the conference in Miami Beach.
“Welcome to the future of finance,” Suarez said. “I’ll give you the Miami bull!”
All this enthusiasm stands in stark contrast to bitcoin’s tough year. From a financial standpoint, the cryptocurrency reached a high of $ 67,553.95 in November, just before falling nearly half in late January; it continues to fall by about 30% since that November high. Bitcoin is also largely absent from many of the most popular trends in cryptography, such as non-expendable tokens or NFT, which supposedly offer a way to auction off “unique” copies of digital art and other cyber objects.
More broadly, critics question the assumptions underlying the asserted value and usefulness of cryptographic technology, with some comparing the hype and hitherto unfulfilled promises of blockchain technologies to a Ponzi scheme that benefits early entrants but leaves to everyone else on the fence.
I a increase in fraud and cryptocurrency and NFT scams are causing caution among some consumers.
Dozens of companies
As Miami aims to attract more investment for cryptocurrency projects, Bitcoin 2022 organizers say at least 75 companies will make announcements at the conference.
Last year, the President of El Salvador, Nayib Bukele, made international news at the event, revealing by video that his country would be the first to make legal cryptocurrency. Bukele will be at the conference this year.
One of the most anticipated announcements may come from Jack Mallers, 27, general manager of the Strike bitcoin payment application, who worked with the Bukele government on launching bitcoins nationwide.
Mallers also partnered with Twitter to sync his app with the social network to make it possible to send digital money as “tips” without the need for a bank like Cash App and PayPal, demonstrating in a video how he sent $ 10 to a man in a Salvadoran Starbucks. .
“Why would anyone use Western Union again? When you take one of the largest internet social networks in the world, you combine it with the best open money network in the world,” he says in the video posted on YouTube. “Western Union, pawn on E4. What’s your move?”
It remains to be seen what effort he will make in the future. South Florida saw its population decline by more than 18,000 people between July 2020 and July 2021. And critics are concerned that the city does not have a high-ranking university that can create a workforce for make businesses thrive, as do the Bay Area and New York.
But Miami businessman Josip Rupena, who will talk about launching cryptocurrencies at the conference, said he would give the effort a few years.
The Rupena-based company, Milo, has received $ 24 million in investor risk financing to become a lender of people who have achieved considerable digital wealth but do not want to convert the cryptocurrency into US dollars for buy a house.
“For the first time, I think we have a platform – and a national platform – to tell others that there really are a lot of smart and capable people here. It’s great that we can amplify that message,” Rupena said.
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