• Miami has retained its status as one of the most crypto-friendly markets in the US, despite competitive pressure from other cities.
• A new report from Telstra Ventures found that investments in blockchain-based projects have seen only a slight decrease compared to 2021, despite bear market conditions.
• Miami Mayor Suarez was an important ambassador for the city’s commitment to innovation and cryptocurrency last year, but FTX’s departure late in the year was a major setback.
Miami Remains Crypto-Friendly Despite Competition
The Miami region has long been known as one of the most crypto-friendly markets in the US, and recent data suggests that this position has held up despite competition from other cities. A new report from Telstra Ventures shows that investments into blockchain technology have only seen a slight decrease despite bear market conditions.
Investment Into Blockchain Projects Holds Steady
The report pulled data from over 40,000 startups that received funding during 2021 – 2022 across 28 regions. It showed that while investments into other comparable categories decreased by significant margins (31% decrease in media & advertising; 32% decrease in SaaS and enterprise / fintech), there was still plenty of interest in blockchain-based projects with only a 5% decline.
Miami Mayor Leads Innovation Push
Mayor Suarez was integral to Miami’s efforts to champion innovation and cryptocurrencies last year – he became almost a public ambassador for these causes – but FTX’s departure late into the year caused a major setback for these plans. Despite this, however, Miami remains at the top of many investors’ lists when it comes to investment opportunities relating to blockchain technology and cryptocurrency.
Competing Markets Making Moves In Crypto Space
Even though Miami is still firmly at the top when it comes to crypto friendly markets in America, other cities are making moves too – San Francisco and Austin both saw significant growth when it came to blockchain related investments during 2021 – 2022. This increased competition certainly makes things more interesting for potential investors who are looking for where best place their money within this space.
Despite unfavorable market conditions throughout much of 2022, Miami continued its reign as one of America’s premier crypto hubs due largely in part to its innovation efforts led by Mayor Suarez and its overall appeal as an attractive destination for tech investment opportunities. While competing markets like San Francisco and Austin are making moves too, there is little doubt that Miami still commands respect amongst those looking for good returns on their crypto investments.