Thousands of crypto enthusiasts are gathering in Miami for Bitcoin 2022 as the city builds its reputation as one of the key locations to develop blockchain technology.
enthusiasts are gathering in Miami as the city builds its reputation as one of the key locations to develop the blockchain technology despite its underdog status.
Cryptocurrency exchange FTX bought the naming rights for the NBA arena in downtown Miami last year, replacing American Airlines. The largest crypto company to move to Miami so far, Blockchain.com, will house 200 employees at a location in the hip Wynwood district, where other tech firms and investors are setting up shop as well.
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. More broadly, 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 participants but leaves everyone else in the lurch.
One of the most-anticipated announcements may come from 27-year-old Jack Mallers, CEO of bitcoin payment app Strike, who worked with Bukele’s government on the nationwide bitcoin launch. It remains to be seen what the effort will yield in the future. South Florida saw its population decline by more than 18,000 people between July 2020 and July 2021. And critics worry the city does not have a high-ranking university that could build workforce to make companies thrive, the way the Bay Area and New York do.
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