Nightclubs mourn their broke crypto-millionaires

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Most of the city’s major institutions miss them. In Miami, Florida, several nightclubs agreed to testify in an article by the FinancialTimes about the sudden departure of several of their big customers, faithful to the festive (and very lucrative) evenings that have been offered to them for two years now. The collapse of certain crypto platforms like FTX has something to do with it.

The new rich in cryptocurrencies have deserted. With them, “crazy sums of money”, confirmed the company Groot Hospitality, which owns some of the biggest nightclubs in Miami. Liv, Story and Swan, were not exposed to cryptocurrencies directly but were part of these places where crypto-millionaires liked to come to show themselves.

“They wanted to show that they had no limits”, explained Andrea Vimercati, who was the director of Groot Hospitality before working for Moxy Hotel. A finding that is no longer possible as the crypto-currency market has left evaporate more than 200 billion dollars in three weeks, and more than 2000 billion in one year. Miami wasn’t just a party place. In the United States, it was the capital of crypto-wallets.

Its mayor, Francis X. Suarez had succeeded in his mission. The benefits were plentiful for new bitcoin fortunes and to show his enthusiasm for virtual currency, the American lawyer and politician paid his salary in BTC. After a 40% drop in the price of cryptocurrency in May 2022, he had not changed his remuneration habits.

Miami had also managed to steal from Los Angeles the organization of a world famous summit on Bitcoin, where we could see some of the biggest personalities of the ecosystem last year. But of course, in addition to aficionadosthe wealth created by speculation on crypto-currencies also benefited the most optimistic who only saw in Bitcoin and other tokens subject to strong speculation the possibility of making easy money very quickly.

From $6 million to $10,000

The continuation of the report of FinancialTimes recounts the most impressive customer orders, sometimes ordering over 50 of the best bottles of champagne only to end up opening none. “They were booking tables for $50,000. At first, I wondered who these people were.recalled Andrea Vimercati, before adding that now “they completely disappeared”.

All it took was one evening with 50 Cent as a guest, at one of the most famous nightclubs called E11even, for them to come and celebrate their winnings from the previous days. So the notes were over a million dollars. The whole, “they paid him in cryptocurrencies”, specified the director, while the acceptance of crypto-currencies has become more than necessary. E11even started accepting them in 2021, for a total amount over the year of $6 million. Nothing to do with the last three months: only $10,000 in cryptocurrencies have been transferred.

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