Miami’s vibrant nightclub scene, once flush with crypto entrepreneurs, is suffering in the wake of FTX’s sudden bankruptcy.
According to a report by the Financial Times (FT), Miami’s nightlife is being impacted by the collapse of crypto exchange FTX. The report claims that club owners in Miami, a city well-known for its vibrant and lavish nightlife, have noticed the sudden absence of young crypto entrepreneurs, who used to be big spenders at their establishments.
The report cites Andrea Vimercati, director of food and beverage at the Moxy Hotel Group, who told the FT that before FTX’s collapapse crypto entrepreneurs were regularly ordering “12 or 24 bottles of the most expensive champagne.” Nightclub staff commented on the affluence of the young entrepreneurs, who regularly boasted about their digital asset fortunes.
Gino LoPinto, operating partner for Miami-based nightclub E11EVEN, told the FT that his business accepts cryptoasset payments, and processed more than $6 million worth of transactions between April and December 2021. In comparison, LoPinto said the club has only recorded $10,000 in crypto transactions over the last three months.
FTX, which filed for bankruptcy on November 11, had a massive presence in the Miami area, including holding naming rights for the Miami Heat basketball team’s arena.
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