If you want a sense of how far crypto sentiment has fallen, look no further than Miami, which has aspired to be the capital of digital money. Gone are the laser eyes from Mayor Francis Suarez’s Twitter profile; the FTX sponsorship deal for the Miami Heat’s basketball stadium; and the pie-in-the-sky dream of helping fund local government with altcoin proceeds instead of taxes (MiamiCoin, the token at the center of that harebrained fantasy, has plummeted about 99% from its peak.) The change in crypto’s fate from a year ago is as stark in Miami as it is anywhere after Bitcoin lost three-quarters of its value and one of the most iconic crypto exchanges in the world fell headlong into bankruptcy.
But for Miami, it was a bet worth placing. Think of South Florida’s economic development model as resembling a venture capital portfolio. The VC model calls for making a lot of small bets with the understanding that many will fail, but a few winners will bring such exponential growth and extraordinary returns that that they will pay for the losers in spades….
‘Enforcement 40’ for 2020
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