What’s To Become of Miami’s “Crypto Hub” Status?

Miami has always been famous for its beaches, beautiful people and glamorous nightlife. More recently, the city grabbed attention for trying to establish itself as a crypto hub, and witnessed an influx of crypto startups as entrepreneurs flocked to its palm tree-lined streets. They were attracted by both Miami’s charismatic, crypto-friendly mayor Frances Suarez and the promise of lower taxes. And then of course… there’s FTX. The now-bankrupt crypto exchange had the naming rights to the basketball arena for the Miami Heat. And just about a month before its stunning collapse, the exchange had plans to move one of its top branches to the heart of the city's financial center.  In the aftermath, and with overall negative sentiment in crypto markets, the city has faced tough questions about its part in the digital asset industry’s future. Bloomberg reporter Carly Wanna was recently down in Miami and she joins Vildana Hajric in this episode to break down how the tropical city is adapting to the recent crypto crisis. Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter See omnystudio.com/listener for privacy information.