Miami gets a moment in the sun with crypto freedom
The Future. Due to changing trends during the pandemic, Miami has become a hub for all things web3, with the city itself even getting in on the crypto action. While the local government is providing a pathway for major investment in emerging technologies, climate change could make long-term viability short-lived (especially with most crypto mining not being environmentally friendly anyway).
Miami is undergoing a cultural sea-change.
- It may be the crypto capital of the U.S., especially after Mayor Francis Suarez launched MiamiCoin to mine revenue for both residents and his office (they’ve already made $25 million), which mirrors how Alaska shares oil revenue.
- It also renamed the American Airlines Arena (where the Heat basketball team plays) to the FTX Arena.
- As work-from-anywhere arrangements took off, Miami became a prime destination, with 220,890 people moving there between July 2020 and July 2021.
- It’s also becoming a haven for the libertarian tech class, with Peter Thiel’s Founders Fund investing 9% of its 2020 fund into Miami startups.
- The city is working with Elon Musk to build a Boring tunnel (although that may be difficult with the municipality being below sea level).
Additionally, this past year’s Art Basel was a web3 extravaganza, giving the event the nickname “Tech Basel.”
Life’s a beach
City officials are well aware of the surge in popularity, with Suarez dubbing it the “Miami Movement.” The popular, tech-friendly mayor was instrumental in enticing the Bitcoin 2021 Conference to the city from its original venue in L.A. He even has a project called Venture Miami (with its own VC in residence) and hosts a YouTube show called Cafecito Talk to interview both entrepreneurs and celebrity guests such as Magic Johnson.
While the promise of Miami is high, the pitfalls are also literally crashing on Miami’s shores. The Union of Concerned Scientists released a report in 2018 that stated that 94% of Miami Beach would be underwater by 2100. To combat becoming a modern-day Atlantis, Miami-Dade appointed the world’s first-ever Chief Heat Officer this past June.