Miami And New York Compete To Become Crypto’s Financial Capital

Miami and New York both compete to become crypto’s financial capital but the race is tight and we still can’t define who will win it. But let’s see what both of these offer to the crypto lovers, in today’s cryptocurrency news.

Miami has a vibrant nightlife and great weather whcih draws plenty of people to it but the reason why most companies choose it is because it offers really great conditions for crypto businesses. Cryptocurrencies are seen by many as the future of finance and Miami is strongly trying to become the world’s crypto capital in a direct threat to New York’s status as the financial hub but threatened the city’s dominance in finance. Mayor Francis Suarez is the one that mostly raises the crypto’s profile in the city. During his first team, Suarez went all on Bitcoin and blockchain and the technology behind it. Today, Miami has its own crypto called Miami Coin and hosted one of the world’s biggest digital currency conferences.

Suarez perfected the pitch that he gives to the investors and executives of companies. He makes sure to always mention the beaches in Miami, the cultural offerings, and the professional sports teams but then he starts selling the real deal. According to the mayor, the city reduced the real estate taxes to the second-lowest level since the 1960s and it has even more room to develop than New York. Suarez pointed out that the credit rating agency S&P Global Ratings upgraded some of the stances on some of the Miami bond ratings.

His strategy is paying off. Crypto companies like FTX US, Etoro, and Bit Digital announced plans to expand in Miami and Orca capital to set up shop there. Miami is attracting even more financial companies like Citadel Securities, and Apollo Global Management. Miami’s success is a threat to New York’s mayor-elect Eric Adams who is sleeping on crypto. He even tweeted:

“NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!”

Tiffany Smith as a New York-based partner at the company WilmerHale who represents crypto companies said that the city has its work cut out for it because it has to deal with state regulations that are mostly unfavorable by plenty in the industry. But New York City has plenty going on for it as it is a thriving tech center with plenty of universities offering courses in crypto and blockchain.