Of course, Miami is embracing cryptocurrency.
It is a metropolis constructed on a rose-colored imaginative and prescient of tourism and an never-ending attraction for the Subsequent Massive Factor. We’re what you would possibly name “open-minded” right here. Digital foreign money? Sounds good to us.
And we’re doing it in an enormous means, as a result of that’s Miami, too. We’re about to host what often is the largest cryptocurrency convention the world has ever seen this week. It’s bought out. Twitter CEO Jack Dorsey is talking. So is famous professional skater Tony Hawk. On the identical time, we’re busy scraping the American Airways identify off our landmark downtown enviornment and slapping the identify of a cryptocurrency change throughout it in a 19-year naming rights deal for a beforehand little-known firm referred to as FTX.
It’s an thrilling time. It’s scary, too. To these of us with no Bitcoin to our names, it feels form of unreal.
Don’t get us flawed. We hope cryptocurrency — and the flashing neon welcome mat we’ve set out for the tech business — elevate this metropolis to new prosperity. We’d like it if this heady new world has actual endurance, particularly if it might present the gasoline for the gritty, unglamorous issues this metropolis wants, like reasonably priced housing, methods to fight sea degree rise and higher transportation. We hope digital foreign money and the underlying blockchain know-how present scads of jobs on this group. Simply don’t blame us for being a bit cautious.
As a result of Miami has historical past, people. We’ve been a smugglers’ paradise, the epicenter of the cocaine commerce, a mecca for cash laundering, floor zero for mortgage fraud, dwelling to the largest Medicare black market in america. When the “frothy” housing bubble burst in 2007, Miami’s overheated market acquired damage badly.
As of late, Miami is a grown-up metropolis with a lot to supply. We don’t have to be dazzled by each high-flying tech firm that comes alongside. This time round, we’d like to listen to much less about potential and extra about proof.
Right here’s one instance: Axios and LinkedIn reported that Miami’s tech workforce grew quicker prior to now yr than that of some other main metro space, although absolutely the dimension of the workforce stays small. General, that’s excellent news.
However there are additionally niggling worries that set off us slightly. Cypto will not be fairly as sizzling because it as soon as was. Adam B. Levine, a managing editor at on-line crypto publication CoinDesk, told Miami Herald reporter Rob Wile that whereas he thinks Miami’s rising standing within the crypto world is “actual,” he famous that a few of that comes from being a celebration city that was “open” when different cities had been shut down for the COVID-19 pandemic. Different cities are opening up now.
And the value of a single Bitcoin, in the meantime, has fallen from greater than $60,000 in April to below $40,000.
“Crypto goes via this each couple of years,” Levine informed the Herald. “There are indicators this cycle could also be completely different — but it surely’s not so completely different as a result of you may have a variety of alternatives popping out of the woodwork, and whereas a few of these are good, quite a bit are dangerous and turn into scams. . . . Up to now, Miami has been related to that, too.”
That’s our level. As Miami Mayor Francis Suarez continues to push Miami as a crypto hub, we hope he’s studied our historical past. We fear about going via one other boom-and-bust cycle or a wave that crashes and takes us all down with it. If we’re staking the town’s future on this, please, let’s not repeat the previous.