Ah, Miami: dancing by the beach, delicious food, an endless supply of sunshine… and crypto?
That’s right! All eyes are on Miami right now as it’s the top candidate to be named The Crypto Capital of The World! After NFTs were the hot topic at this year’s Art Basel event, it’s no surprise Miami dominates the blockchain wave. But what sets Miami apart from other cities becoming the crypto capital?
The perfect candidate:
Earlier this year Miami’s Mayor Francis Suarez stated he wants to refashion the city’s fun-in-the-sun image. He told DealBook “we want to be on the next wave of innovation”. It was later announced that Miami’s NBA arena would be named after the cryptocurrency exchange, FTX. That’s a pretty solid signal – but what else makes Miami the sweet spot for the crypto world?
If you’ve ever made your way down to Miami, you are aware of the immense ex-patriate community populating the city. Miami is swarming with people from Latin America and the Caribbean after many countries from those regions brutally suffer hyperinflation. Crypto is the low-cost solution for many expatriates allowing them to send funds to their friends and families back home.
Twenty percent of Miami households don’t have a bank account according to a report from The Miami Herald. Crypto gives many residents an alternative to traditional banking. A large portion of Miami residents doesn’t trust banks due to illegal immigration enforcement. Another portion enters the low-income category living paycheck to paycheck which doesn’t allow them to manage funds through a bank.
Andrew Barnard, CEO of Bitstop, installed the first Bitcoin ATM in Miami back in 2015. He expects will open up about 350 more Bitcoin ATMs in south Miami by the end of next year. To have this much access to Bitcoin ATMs is changing the way funds are managed, giving traditional banks a run for their money.
Florida is flooding with current and upcoming retirees starting to stake their retirement plans with crypto as the retirement crisis continues to grow. Blockchain lets pensioners have control over their own money with transparency and less cost.
As more people across the globe adopt cryptocurrency as an alternative financial ledger, it seems like Miami hits all the marks when bringing crypto to the mainstream. What do you think? Is there another city that should be in the running for the title “Crypto Capital of The World”? Let us know!
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