After the cryptocrash
Spare a thought for Miami nightclub owners. In recent years, they rode the cryptocurrency wave, raking it in by catering to the fragile egos of geeky crypto bros eager to flaunt their newfound wealth. Now, in the midst of the cryptocrash, business has slowed dramatically. “Out of the blue, all these kids from crypto started coming down and spending a lot of money — like, an insane amount of money,” one of the city’s nightlife impresarios told the Financial Times recently. Now, he said, they have “completely disappeared.” If empty nightclub tables in South Beach are an amusing but indirect indicator of the crypto slowdown, a more immediate warning sign was the spectacular implosion of FTX, the world’s largest cryptocurrency exchange, late last year.