It’s no longer news that the world of Cryptocurrency and the Metaverse is an up-and-coming field. You might not know that there is currently a battle between NYC and Miami regarding who will be the Crypto Capital of the world. In the case of one huge Crytpo company, they actually moved from NYC to Miami.
Miami even has its own cryptocurrency and hosted a large digital currency conference last year. The warm city is working towards becoming the Crytpo Capital and, in the process, is threatening New York City’s reputation as the USA’s financial hub.
A Warm Miami Welcome
Miami Mayor Francis Suarez has been working hard to bring the city more attention.
He does this by exploiting the excellent weather, sunny beaches, and popular sports teams. After he brings potential investors in with the soft sell, he hits them with the really important stuff.
1. Miami is less expensive to live in than NYC
2. The real estate taxes were recently cut
3. There’s lots of room for development
4. Miami’s bond ratings have gone up
Three crypto companies have announced plans to expand into Miami, while two others have decided to move there entirely.
The City That Never Sleeps
Eric Adams, mayor of NYC fears that the Big Apple may be missing their chance regarding cryptocurrencies. In fact, he believes so strongly in the market that he has claimed to be taking his first three paychecks as mayor in Bitcoin only.
However, this plan was quickly foiled when it became clear that the city could only pay its employees in real money. Adams has maintained that he will convert it himself.
New York must also navigate the red tape of state regulations regarding cryptocurrency before becoming a city central to its functioning.
Taxes are another dealbreaker. Miami has no state income taxes, but they are in NYC. Despite this, New York City still has a fighting chance.
NYC is one of the largest technology centers in the world and has many renowned universities that live in its belly. There are also many financial options for crypto companies to recruit from here.
Who Will Win?
For Adams, the main selling point is that New York City is that it's New York City. It’s one of the world's most well-known cities, if not the most known.
Crypto companies welcome the competition between the two cities, as they can see both offer benefits. As mentioned before, technological advances will play a large part in the ultimate decision.
For now, we’ll all have to wait and see. Should the crypto world choose Miami as its new capital or stick with an old favorite like NYC?