Miami Night Club Operators Reveal Impact of the FTX Collapse

• Miami Night club owners mourn their loss as crypto partygoers lick their wounds alongside the crypto industry.
• The once prestigious crypto empire founded by the disgraced Sam Bankman Fried has silenced crypto parties while nightclubs are counting losses.

Over the bullish market a year ago, the director of the Moxy Hotel Group says that the optimistic crypto prices sent a wave of nerdy-looking men to show off their crypto wealth in Miami nightclubs this is according to a report from FT.

He describes their dressing as simple and unpredictable, they didn’t flaunt in Chanel wears, or Gucci. They consist of Executives, white-collar professionals, and managers from of course leading hedge fund institutions.

“You couldn’t tell they had a lot of money if they were just walking around,” he said.

Miami holds more than half a million in population, observers said that the Florida city might match Silicon valley.

https://twitter.com/St1Station/status/1596966544101474305

E11even, one of the clubs with top spenders began accepting crypto payments in 2021. Gino LoPinto, the operating manager at the Miami hotspot says that the club processed $ 6 million worth of transactions in eight months last year but with the recent shockwave, the club has taken in only $10,000 in the last three months.

LoPinto says the richlings would brag about their crypto wealth by showing off their wallets. Nobody would really show their bank accounts but in this scenario, they would show the crypto wallets. The crypto-spending elite paid $50,000 for a single table and $500,000 for a venue meant for a night.

“I’ve seen more crypto wallets in a year than I’ve seen bank accounts in a lifetime.”He says.

Gino LoPinto told the media outlet that the club hosted a group of businessmen men last year in June to celebrate the success of sales in their company. Coincidentally, 50Cent, an American rapper had a performance the same night and the group spent a whooping million dollars and more.

The group gave 50 Cent cash bales to throw around and had several Champagne bathtubs brought out. This was exactly when the Bitcoin (BTC) price skyrocketed above $60,000.

Crypto is tremendously important to the future of the city, and to how we are positioning ourselves right now. We really have established the epicenter for crypto,” Mayor Francis Suarez was quoted by NPR as saying in a recent interview.