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This holiday season, it’s important to keep those who aren’t having the jolliest time in our thoughts. We’re talking, of course, about Miami nightclubs, which have been rocked by the absence of big-spending crypto whales amid the market’s deep freeze.
Nightclubs in the city became a home away from home for crypto entrepreneurs, who—when times were good—would rent out venues for half a million dollars and order top-shelf Champagne to shower themselves with. That clientele (“95 percent men…with a kind of nerdy style,” according to one operator) has disappeared due to the crypto market collapse, according to a report by the Financial Times.
E11even, a club that accepted payment in cryptocurrency, processed $6+ million worth of transactions last year. In the last three months, it’s taken in less than $10,000.
Is Miami okay? Magic City went pretty much all in on crypto back when celebrities were scooping up million-dollar ape drawings, but things have changed. Crypto-promoting Mayor Francis Suarez removed laser eyes from his Twitter profile; Miami-Dade County asked a federal judge to end the Miami Heat arena’s naming rights deal with bankrupt FTX; and the city’s personal token, MiamiCoin, has dropped 99% from its peak value.—MK