Miami, FL

Miami Nightclubs suffer as Crypto Prices Tumble

Toni Koraza

Miami nightclubs have been a ‘‘home away from home" for crypto millionaires.

They would easily splurge half a million dollars for a venue and bathe in top-shelf Champagne while the crypto party went on. Even the city mayor, Francis Suarez, was a big crypto enthusiast. He established MiamiCoin and bet heavily on its future. The future was right there, in Miami.

However, big crypto nights out have almost vanished recently. And so have some big crypto players, leaving Miami clubs in despair.

The less-than-great perception

In the wake of FTX's well-publicized collapse, a recent survey reveals that the general perception of Bitcoin's future is at an all-time low.

Morning Consult revealed survey data showing that in the wake of FTX's bankruptcy, US consumers anticipate a drop in Bitcoin's price to $11,500 within the following six months. The price forecast shows a decrease in the price of over $5,600 from just one month ago and more than $15,500 from price predictions issued at the start of the year 2022.

According to the report, the FTX's demise has "clearly shaken consumers’ faith" in Bitcoin and even subdued expectations by crypto investors.

Even while crypto holders were more optimistic with their price forecasts, they still anticipate a little increase in Bitcoin's price over the next six months to $17,500. The lowest figure Morning Consult has ever recorded in their surveys.

Many believe crypto will survive

Despite the decline in consumer confidence, more US adults surveyed believe that the cryptocurrency sector will still exist in ten years than those who see the industry disappear. Crypto investors, most especially, were overwhelmed by the opinion that crypto would continue to exist for the ensuing ten years.

On top of that, consumers were only slightly more hesitant to buy cryptocurrency than before the collapse of FTX, with 21% of US adults reporting they will buy crypto in the coming month, as opposed to 25% who said the same in October.

The idea of crypto is still alive. But it might not be easy money everyone thought it would be.

What do you think about Miami's exposure to crypto markets?

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