When Miami Mayor Francis Suarez unveiled an 11-foot, 300-pound black fiberglass reproduction of the Wall Street bull last spring, he hailed it as a symbol of the city’s arrival as the “capital of crypto.”
“Welcome to the future,” he said, calling for digital currencies like bitcoin to be “integrated into every aspect of society” before the end of the year.
But eight months later, the Republican mayor’s dream of turning Miami into a hub for the digital currency industry has hit a speed bump.
The value of bitcoin has plummeted, a blow to Miami residents who bought into Suarez’s call to invest in digital currencies. MiamiCoin — the city’s own cryptocurrency — is now essentially worthless. And crypto exchange FTX’s meltdown has had ripple effects here.
Source: As bitcoin plummets, Miami vows to hold onto its crypto dreams – The Washington Post
