On Feb. 2, the city of Miami cashed out its cryptocurrency MiamiCoin for the first time, depositing $5.25 million into city coffers. Miami mayor Francis Suarez hailed it as a “historic moment."
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Over the last nine months, MiamiCoin has lost nearly all of its value, falling about 95% from its September peak to just $0.0032 as of May 13. Its rapid descent has burned investors on the way down, muting the dreams of Miami’s city leaders, and possibly raising red flags for regulators now investigating cryptocurrency transactions.
Miami is one of many US cities trying to shave off a slice of Silicon Valley’s tech empire by establishing its own, local startup scene.
The price of Bitcoin has fallen 43% from its high in November 2021. El Salvador’s president Nayib Bukele is buying the dip.
Compared to median incomes, home prices and rents shot up almost everywhere in the US over the last two years. By some estimates, nowhere more than Miami.
The industry emerging to support the decentralized web is highly consolidated, potentially undermining the promise of Web3.
Miami’s tech scene has boomed during the pandemic. In the most recent quarter, local startups raised a record $1.4 billion, up from $164 million in the same period last year, according to data from CB Insights. But the boom has not benefited everyone equally.
