Miami’s Crypto Craze On Full Display At Bitcoin Conference

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Thousands of cryptocurrency aficionados are converging to Miami as the city establishes itself as one of the leading centers for blockchain technology development, despite its underdog position.

The Bitcoin 2022 conference, which runs from Wednesday to Friday, is being used by dozens of companies to network, present ideas, and make announcements with the industry and beyond.

With $6.5 billion and $3.9 billion in capital raised by blockchain startups in 2021, New York City and Silicon Valley remained on top. According to market research firm CB Insights, Miami is currently tied with Los Angeles, where startups received more than $760 million in funding.

Last year, cryptocurrency exchange FTX replaced American Airlines as the naming rights holder for the NBA arena in downtown Miami.

Blockchain.com, the largest crypto company to relocate to Miami so far, will employ 200 people in a space in the trendy Wynwood neighborhood, where other digital companies and investors are also establishing themselves.

Miami Mayor Francis Suarez,  Becomes America’s First Crypto- Friendly Mayor.

 Wynwood just really has that sort of spirit that you are looking for when a new tech sector is built,” said Blockchain.com CEO and co-founder Peter Smith, comparing it to San Francisco’s South of Market neighborhood and New York City’s Brooklyn. “Ultimately you want to be with the other tech companies.”

Many cite a welcoming environment cultivated by local officials, mainly Miami Mayor Francis Suarez, who has attracted national attention by luring tech investment and becoming one of America’s crypto-friendly mayors.

Others note that both Miami and Florida are business-friendly and remained open during the pandemic, making it more attractive as a location where people could work remotely.

“It’s possible to move to a place where you can buy a house and see the sunshine every day,” Smith said.

Conclusion

Bitcoin 2022 organizers claim that at least 75 firms will make announcements during the conference, as Miami tries to attract more funding for bitcoin ventures.

President Nayib Bukele of El Salvador made international headlines during the event last year, announcing via video that his country will be the first to declare cryptocurrencies legal tender. This year’s conference will include Bukele.

Also Read: There’s A New Way To Quickly Send U.S. Dollars Around The World With Bitcoin

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