Tech
The 2022 Miami Bitcoin Conference draws cryptocurrency enthusiasts to Florida’s growing tech hub
Thousands of cryptocurrency enthusiasts are flocking to Miami as the city builds its reputation as one of the key locations for develop blockchain technology despite his underdog status.
Dozens of companies are using the Bitcoin 2022 conference taking place Wednesday through Saturday as a place to network, present ideas and share announcements with the industry and beyond.
New York City and Silicon Valley continued to lead in funding raised by blockchain startups in 2021, with $6.5 billion and $3.9 billion. But Miami is now on par with Los Angeles, where companies have raised more than $760 million in funding, according to market research firm CB Insights.
Cryptocurrency exchange FTX bought the naming rights to the NBA arena in downtown Miami last year, replacing American Airlines. The largest cryptocurrency company to move to Miami so far, Blockchain.com, will house 200 employees at a location in the trendy Wynwood neighborhood, where other tech companies and investors are also setting up shop.
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“Wynwood really has that kind of spirit that you look for when a new tech sector is being built,” said Peter Smith, CEO and co-founder of Blockchain.com, comparing it to San Francisco’s South of Market neighborhood and Brooklyn in New York City. “Ultimately you want to be with the other tech companies.”
Cryptocurrency-related job postings increased in 2021
Many cite a welcoming environment cultivated by local officials, primarily Miami Mayor Francis Suarez, who has done so attracted national attention attracting technology investment and becoming one of American mayors in favor of cryptocurrencies.
Others point out that both Miami and Florida are business-friendly and have remained open during the pandemic, making them more attractive as places where people can work remotely.
“It’s hard to deny that this is an incredible opportunity for companies to come here and build their cryptocurrency project,” said John Bartleman, CEO of Plantation, Florida-based TradeStation, a multi-asset brokerage.
Bartleman’s firm has commissioned a 10-foot-tall statue of a robot-like bull that is intended to emulate Wall Street’s “Charging Bull.” The artwork was unveiled Wednesday by Mayor Suarez to a joyous crowd gathered to kick off the conference in Miami Beach.
“Welcome to the future of finance,” Suarez said. “I give you the Miami bull!”
All this enthusiasm is in stark contrast to bitcoin’s difficult year. From a financial perspective, the cryptocurrency reached a high of $67,553.95 in November, shortly before plummeting by almost half in late January; it remains down about 30% from its November high. Bitcoin is also largely absent from many of the cryptocurrency industry’s hottest trends, such as non-fungible tokens, or NFTs, which supposedly offer a way to auction off “one-of-a-kind” copies of digital art and other cyberobjects.
More generally, critics question the assumptions underlying the claimed value and utility of crypto technology, with some likening the hype and so-far unrealized promises of blockchain technologies to a Ponzi scheme that benefits early entrants but leaves everyone else in the lurch.
It’s a increase in fraud and scams related to cryptocurrencies and NFTs are making some consumers wary.
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, El Salvador’s President Nayib Bukele made international headlines at the event, revealing in a video that his country would be the first to make cryptocurrency legal. Bukele will be at the conference this year.
One of the most anticipated announcements could come from Jack Mallers, 27, CEO of bitcoin payment app Strike, who worked with Bukele’s government on the national launch of bitcoin.
Mallers also worked with Twitter to sync his app with the social network to make it possible to send digital money as “tips” without needing 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 social networks in the world, you combine it with the best open monetary 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 the effort will bring in the future. South Florida saw its population decline by more than 18,000 people between July 2020 and July 2021. And critics fear the city lacks a top-ranked university capable of creating a workforce for businesses to thrive, as they do the Bay Area and New York.
But Miami businessman Josip Rupena, who will talk about his crypto mortgage startup at the conference, said he’s committed for a few years.
Rupena’s company, called Milo, received $24 million in venture funding from investors to become a lender to people who have amassed significant digital wealth but don’t want to convert cryptocurrency into US dollars to buy a home.
“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, capable people here. It’s great to be able to amplify that message,” Rupena said.