The establishments went from receiving millions of dollars in cryptocurrencies in 2021 to barely thousands of dollars after the collapse registered this year.
The FTX crisis accompanied by the fall in the fortune and prestige of Sam Bankman-Fried is one of the many events that have negatively affected the world of cryptocurrencies in 2022.
With Bitcoin worth a quarter of its all-time high, things are not going well for other currencies either. This has resulted in fewer crypto millionaires splurging their money on nights out in Miami , Florida.
Cryptomillionaires took over Miami
The famous city became a favorite place among cryptocurrency investors thanks to its low taxes and fewer restrictions in the face of the COVID-19 pandemic.
These entrepreneurs, many of them millionaires overnight, did not hesitate to show off their fortunes.
Andrea Vimercati, former director of a company that owns several Miami nightclubs , tells how crypto millionaires reserved tables at nightclubs for $50,000.
These new customers were “95% male, young… with a nerdy kind of vibe. You couldn’t tell they had a lot of money just by watching them walk around,” he explained to the Financial Times.
“They wanted to show that they had no limits. They would order 12 or 24 bottles of the most expensive champagne and bathe in it without even drinking it,” she recounted.
Gino LoPinto, from night club E11even, recounted how a group that sold their cryptocurrency company celebrated with a show that included rapper 50 Cent , spending more than $1 million.
These clubs began to accept payments in cryptocurrencies. Crypto millionaires also loved showing off their digital wallets. “I have seen more crypto wallets in a year than bank accounts in my life,” he recalls, LoPinto.
The fall of cryptocurrencies and its effects in Miami
These night clubs seem to have lost these customers and their big spending.
E11even received $6 million in cryptocurrency payments in 2021, but in the last three months it has barely registered $10,000 .