Broke crypto-millionaires: significant deficit in Miami

Miami the nightclubs mourn their crypto millionaires who are now broke. According to sources, some nightclubs in the area had started accepting cryptocurrency payments.

However, recently in Miami, Florida, several nightclubs agreed to testify in a FinancialTimes article about the sudden departure of some of their big clients.

They have always been loyal to the festive and very lucrative evenings offered to them for the past two years. Apparently the collapse of some crypto platforms like FTX has something to do with it.

Miami: the crypto-wallet capital of the United States

Apparently, the emerging cryptocurrency rich have deserted Miami nightclubs after the huge losses caused by the FTX collapse and the resulting market turbulence.

Along with their desertion, the ‘insane sums’ they were spending also disappeared, the company confirmed Groot Hospitalitywhich has some of Miami’s biggest nightclubs.

For instance, Liv, story and Swanwere not directly exposed to cryptocurrencies but were one of those places where crypto millionaires liked to show off.

Andrea Vimercati, former director of Groot Hospitality who now works for Hotel Moxyhas explained :

“Crypto-millionaires wanted to prove they had no limits.”

However, this was no longer possible when the cryptocurrency market leave more than 200 billion dollars evaporate in three weeks and more than 2 trillion dollars in a year.

In any case, Miami was no longer just a party place; it had become the crypto-wallet capital of the United States. its mayor, Francois X. Suarezhad succeeded in his mission.

There were many advantages for Suarez to strike it rich in Bitcoin and show enthusiasm for virtual currency. In fact, the American lawyer and politician received his salaries at BTC, and despite a 40% reduction in the course of cryptocurrency in May 2022, he still had not changed his earnings habits.

Additionally, it looks like Miami has managed to rob Los Angeles of hosting a world-class bitcoin summit, where some of the biggest names in the ecosystem were seen last year.

Inevitably, however, besides the enthusiasts, the wealth created by cryptocurrency speculation has also benefited the more optimistic. In this, they only saw Bitcoin and other tokens as objects of heavy speculation and the possibility of making quick money super easily.

The Financial Times Report: $10,000 in Crypto Transferred Recently

The rest of the FinancialTimes report traces the most impressive customer orders. Who sometimes ordered more than fifty of the best bottles of champagne only to open one.

Andrea Vimercatibefore mentioning the fact that these customers have now completely disappeared, recalls:

“They were booking tables for $50,000. At first, I wondered who these people were.

Also, apparently it only took one night with 50 centsa famous rap singer, as a guest, in one of the most popular night clubs called E11evenfor them to come and celebrate their winnings from the previous days.

In these cases, the bills exceeded $1 million, according to some sources. All, of course, paid for in crypto, the director pointed out. The reason for this is that the acceptance of cryptocurrencies has become much needed.

E11 even started accepting them in 2021, for a total amount in the year of $6 million. However, over the past three months, only $10,000 were transferred to crypto.

Why is the use of crypto payments more important in emerging countries?

Last year, according to a report in the second edition of On-chain analysis‘ Global Crypto Adoption Indexcrypto jumped 880% in Vietnam, India and Pakistanwho lead the top twenty.

Apparently, the use of digital currencies in emerging countries is increasingly driven by the devaluation of local currencies.

Specifically, the Chainalysis report ranks 154 countries based on metrics such as peer-to-peer trading volume, rather than gross trading volume, which generally favors developed countries with high levels of professional cryptocurrency and institutional.

Additionally, Chainalysis had stated that the purpose of the index was to take a snapshot of everyday people’s adoption of cryptocurrency and focus on use cases related to transactions and individual savings. , rather than trade and speculation.

The measures are weighted to incorporate the average person’s wealth and the value of money in general in specific countries. According to what was found in the analysis, most of the top 20 countries in cryptocurrency adoption are emerging economies, including Togo, Colombia and Afghanistan.

Meanwhile, the United States slipped from sixth to eighth place and Chinawhich suppressed cryptocurrencies last spring, fell from fourth to thirteenth place.