Mayor Francis Suarez’s vision to turn Miami into a hub for the crypto industry has hit a speed bump.
In February, research firm Telstra Ventures publishedthat found Miami was emerging as a new tech hub. The city saw a 2,061 percent increase in investments in 2021 involving blockchain, a digital ledger that records and shows all transactions made on it. Miami trailed only San Francisco, New York and Los Angeles in financial deals related to the technology that year, Telstra Ventures concluded.
But Glenn said it may take more than warm weather and white sand beaches for Miami to continue to attract and retain highly educated workers. Yuan added that many start-ups are now deliberately trying to avoid locating in Silicon Valley or Seattle, where they would have to work in the shadows of the big technology companies who built modern-day internet applications.
But after crypto currencies lost more than $2 trillion in market value over the past year , analysts caution it will take time for the industry to rebound. “And when you look where Miami is, you have all of South America that can benefit from decentralization, all of the Caribbean that can benefit from it,” said Namdy, who is Haitian American and goes by the internet moniker “Captain Haiti.”
“I think he is reckless, dangerous, irresponsible and neglectful,” Kennedy said of Suarez’s gamble on MiamiCoin. “If you live here, you see that Miami has a lot of problems, so it is just stupid and disappointing to see our mayor palling around with grifters at these tech conferences.”
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