Miami’s “fun in the sun” image is likely to change this summer, making it one of the most popular holiday destinations in the world.
The rowdy Florida city, known for its beaches, parties, and good times, is gearing up for a cryptocurrency revolution, which will kick off with Bitcoin 2021, a two-day crypto conference billed as the world’s largest bitcoin event.
The conference begins on June 4 with a speaker lineup that includes Twitter co-founder and CEO Jack Dorsey and cryptographer Nick Szabo. More than 12,000 people from more than 250 companies are anticipated to attend the event.
What to Expect in Bitcoin 2021?
While the conference is predominantly North American and male-dominated, with 80 percent of attendees falling into those categories, it has managed to attract visitors from various walks of life, including venture capitalists (10%), top management officials (25%), and crypto-enthusiasts (35%). According to the attendee breakdown, the majority of them (65%) are between the ages of 21 – 34.
The two-day conference will cover a wide range of issues, including investing in the bitcoin system, the bitcoin-enabled future, the creative economy’s potential, and developing financial solutions for the unbanked.
Surprisingly, the conference takes place at a time when the city is experiencing a spike in investment inflows, with $972 million invested in 57 projects last year. This is a significant increase over 2018 when the city signed more than 105 accords but only made $678 million.
Is Miami the Next Silicon Valley?
The city, which is known for its beautiful beaches and raucous nightlife, drew a lot of attention during the COVID-19 pandemic, which forced people all around the world to work remotely for extended periods of time.
The city has gained traction in the IT sector as a result of recent announcements from prominent venture capital firms and hedge funds such as Blackstone Group, Citadel, and Blumberg Capital, all of which have opened offices in Miami.
SoftBank, the world’s largest tech investor, boosted the momentum by launching the ‘Miami Initiative,’ a $100 million fund to support local tech firms in the area. Mayor Francis Suarez, for one, is doing everything he can to transform his city into a global cryptocurrency hub.
In an interview, he was cited as saying, “We want to be on the next wave of innovation.” He recently recommended that Miami municipal employees be paid in bitcoin, as well as receiving tax payments in the virtual currency and making cryptocurrency investments using city funds. As a result, a resolution was passed to create a 13-member task group to investigate the possibility of accepting cryptocurrencies as a form of payment and taxation, reflecting good views among crypto entrepreneurs and fans across the United States.
“It’s an exciting time, and I do think that this is the future of our world. And if we want to be a tech city, in Miami we have to take advantage of these opportunities to differentiate ourselves and get ahead of our competition.” Suarez said at a recent cryptocurrency conference.
In line with this, FTX, a cryptocurrency exchange, recently announced that it had acquired naming rights to the city’s historic basketball arena. Unlike New York (9%), which has a high-income tax rate, and California (13%) which has a low-income tax rate, Florida does not have a state income tax, which makes it all the more appealing to affluent entrepreneurs.
All that is left to see is how Florida fared in terms of establishing a favorable legislative framework for this bitcoin craze. Mayor Suarez said Florida is looking to Wyoming, a US state that recently permitted crypto assets to be included in a portfolio without the need for a separate manager.