A few years ago, Bitcoin was the obscure Internet currency of hackers and techies. Now, the virtual currency is the hottest investment in the market. As more and more people join in, Bitcoin and other cryptocurrencies have been gaining value. On November 1, Bitcoin hit an all-time high of $19,511. But that wasn’t the only record it set: the number of Bitcoin transactions in the past 24 hours has also broken a new record.
Bitcoin and other cryptocurrencies have been gaining more attention in Miami, as well as the world as a whole, with the opening of the Florida Bitcoin Center, a trade and education hub for the digital currency.
The city of Miami has enjoyed a slew of blockchain-related headlines in recent years, with the vision of becoming the “Blockchain Capital of the World” being cemented in the local consciousness. This has resulted in the city creating its own blockchain-focused incubator exchange, and overseeing the launch of a dedicated Bitcoin ATM.. Read more about miami mayor buys bitcoin and let us know what you think.Now that Miami has hosted the largest bitcoin event in history, it’s reasonable to ask the question: Does the Sunshine State’s bonded warehouse really have what it takes to become the crypto-currency capital of the world? – The new role envisioned by the dynamic mayor. If not, could Miami at least become the next Crypto Valley – a cradle of cryptocurrency and blockchain innovation, like the Swiss canton of Zug? The pictures are really beautiful. As the New York Times noted last week in its coverage of the Bitcoin 2021 meeting, the city has completely switched to cryptocurrencies, with Bitcoin ATMs scattered throughout Miami’s Wynwood neighborhood. Meanwhile, cryptocurrency exchange FTX has secured the naming rights to the Miami Heats arena, and Miami Mayor Francis Suarez has proposed, among other things, allowing citizens to pay their taxes with cryptocurrencies. Others, however, warn that there is still much work to be done and that regulatory and legislative developments must take a turn for the better before Miami can claim to be the capital of everything in the rapidly evolving cryptocurrency industry.
Enabling legislation is crucial
Miami can’t do it without the Florida legislature passing cryptocurrency-friendly legislation, Zachary Kelman, managing partner of Kelman Law, told Cointelegraph, followed by a question about whether Bitcoin 2021 is a groundbreaking event and a harbinger of great things to come. Kelman replied: Yes, but mainly because of the high demand for such a conference, given the bull market for cryptocurrencies that emerged during the pandemic. Kelman is not a crypto-skeptic, quite the opposite. He is a member of the Florida Blockchain Business Association, which actively advocates for necessary state legislation on cryptocurrencies. If implemented, he says, Miami could become a cryptocurrency hub even without federal legislation: Money transfer rules, largely regulated by state laws, are the key to a thriving crypto business in any given jurisdiction. Much of the activity continues to take place in the exchange sector, followed by the growth of DeFi projects, which are also often subject to government transfer rules. Miami has other advantages over other emerging cryptocurrency hubs – even Wyoming, which already has state laws supporting cryptocurrencies, Hemang Subramanian, an assistant professor at Florida International University’s business school, told Cointelegraph. Miami is an international city with a strong banking infrastructure, and many venture capitalists and high net worth individuals are interested in financing innovation. It is also one of the largest financial centers in the country, with a large port and a large number of expatriates from South America, the Caribbean and Europe. Benjamin Sauter, partner at Kobre & Kim LLP, agrees with Subramanian that Miami is an attractive destination and business hub, especially as digital currencies begin to gain a foothold in the Hispanic market. Florida also has no income tax – another advantage, he told Cointelegraph. But these benefits still can’t turn a city into a global hub for cryptocurrency, even with favorable state legislation: Much of the serious legal work has to be done at the federal level. Most current discussions focus on the fight against money laundering, international cooperation and asset recovery, and tax enforcement. Wealthy individuals and businesses in the [cryptocurrency] space need to prepare for government oversight and enforcement in these areas, rather than holding their breath waiting for a quick fix in Miami. Lane Casselman, chief commercial officer of Blockchain.com, which recently announced the move of its headquarters from New York to Miami, was understandably optimistic about the company’s sunny new second home, telling Cointelegraph: Miami is already a [new] crypto valley, and last week’s announcements prove it. Mayor Suarez is a strong supporter of technology investment in the region, he added, and Miami’s favorable regulatory environment will foster innovation in cryptocurrencies.
Miami from abroad
And the view from afar? Thomas Nagele, a lawyer who has played a role in the development of Crypto Valley, told Cointelegraph: I think Miami is in a very good position to become a blockchain hub, like Crypto Valley in Switzerland and Liechtenstein, the country of cryptocurrencies, with a few caveats: The blockchain hub is not something that can just be imposed; it requires community support, a number of companies operating in this space and, last but not least, legal clarity. The last point, legal clarity, is crucial, Naegele said. According to him, Liechtenstein is an ideal example with its TVTG – also known as the Blockchain Law – which provides the legal framework for the tokenisation of assets. Ian Simpson, senior marketing and communications manager at Bitcoin Suisse AG – a cryptocurrency company – told Cointelegraph: One of the challenges for large cities and countries is that cryptocurrencies could merge into the broader technology ecosystem, making blockchain projects less attractive. He added: Close contacts and access to ideas, talent and quality services have made Cryptodoline Switzerland what it is. We’ll have to wait and see how things go in Miami. When asked if Bitcoin 2021 should be considered a groundbreaking event for cryptocurrencies and blockchain, Simpson said that while the event was fun, especially after all the blockchains of the past year, it didn’t seem to mark any significant change or evolution in the community – and, as we’ve seen, had absolutely no impact on the markets. Nagele, for his part, said it was unfortunate that most European countries were in quarantine and could not attend the Bitcoin 2021 meeting, but as friends told me, it was a great event, and it is always a good start for the ecosystem. notes Casselman : Without a doubt, we have reached a critical inflection point where cryptocurrencies have gone from niche to mainstream, he told Cointelegraph : It should be noted that the conference was not only about bitcoin, but also about the ecosystem: From DeFi to NFT to SushiSwap. Cryptocurrencies are an entire industry, not just [a] highly valued token.
Can the nerve center of the crypto/blockchain world even be identified, and if so, can it change? That may change from time to time, Naegele said, depending on what is attractive to the companies in question. Europe, and in particular Switzerland and Liechtenstein, have certainly been pioneers in this field, and more recently Asia has been catching up. I look forward to welcoming Miami to the club, but ultimately I hope we see the world of cryptocurrencies as a hub. Mr Simpson added: The US has a strong position in the blockchain and cryptocurrency space thanks to its leadership in technology and the recent Coinbase IPO. However, Europe and Switzerland seem to be more open in terms of regulation, and the Asian ecosystem also carries a lot of weight because of its size. But it is still difficult to pinpoint a single focal point in the blockchain ecosystem, he added. Related: Speakers at the Bitcoin2021 conference in Miami While the U.S. and Europe are the top performers, Latin America and Asia are showing the fastest growth in the number of retail users, Casselman adds. It is likely that as cryptocurrencies become ubiquitous in financial services, we will see emerging markets accelerate commodity adoption and mature markets expand their use of the growing crypto ecosystem. I think Miami could well become the cryptocurrency capital of the United States, if not already, Kelman noted. However, without the support of federal legislation, Miami cannot become the international capital of cryptocurrency, and recent signs indicate that federal legislation will be more onerous than beneficial to cryptocurrency in the near future. Mr Subramanian said that regulation always follows innovation and in a democracy the will of the people will ultimately be implemented. This means that the necessary state and federal legislation will eventually get there. If Zug, Switzerland can become a crypto blockchain haven, so can Miami. It is more diversified, more international and much more capital friendly, he added.Miami has a thriving technology startup community, and most of the major Bitcoin and blockchain events are set here. The Miami Blockchain Center, a non-profit focused on supporting and educating business, entrepreneurs, and the general public, will open in December to provide educational resources and events for the community.. Read more about bitcoin price and let us know what you think.
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