With several motivations that are attracting venture capitalism, both New York City and Miami are jousting for the title of “Crypto Capital” in the United States. The history of financial stability in New York City along with its vast human resources and prestigious universities are causing investors to flock to the Empire State. Miami is also right beside NYC as a pioneer crypto city. Miami Mayor Francis Suarez receives 100% of his salary in Bitcoin and has dubbed his city the ‘crypto capital of the world”. With Crypto manufacturers flocking to both of these cities, the race for the title of “Crypto Capital” may just be too close of a call to make.
Welcome to Miami
In an interview with Fox News that took place in September, Mayor Suarez Stated; “We want to be the most innovative city on the planet because we understand the future of high paying jobs in America is relying on creating innovation economy,” After winning his second mayoral term in Miami, Suarez vowed to take 100% of his salary in Bitcoin saying that this move will “send a message to the world that we are going to be one of the most innovative governments and innovative cities on the planet.”
Lets Hear it For New York
New York Cities’ newest Mayor Eric Adams happens to be a very big crypto advocate. After winning his first term, Adams decided to take his first paycheck in the forms of bitcoin and Ethereum. In a statement made in the beginning of the new year, Adams said that “New York is the center of the world, and we want it to be the center of cryptocurrency and other financial innovations,” The Mayor went even further to say how he believes cryptocurrency can offer employment opportunities for New Yorkers stating, “Being on the forefront of such innovation will help us create jobs, improve our economy, and continue to be a magnet for talent from all over the globe.”
Crypto Attraction
In 2021, The Big Apple managed to attract roughly Six and half billion dollars in crypto start up funding, which accounted for almost 50% of all United States crypto-focused funding, according to Forbes. The Same Forbes report that used data from CB insights also reported Miami taking in roughly $750 million in crypto funding.
Silicon Valley to New York City
Andreeson Horowitz, which is an investment firm based in Silicon Valley is making the size of their office space almost five times bigger in preparation for a flood of crypto investing in NYC. Their has also been reports of Coinbase opening up an office in New York City. Coinbase is a United States Cryptocurrency exchange with unknown motivations as to why they are opening up a New York City Office.
Wrap Up
It is safe to say that most US cities are trying to attract all sorts of crypto business. With Cities competing to be the Countries Crypto Capital along with lawmakers looking to put more and more regulations on exchanges, there are still some unknowns as to which City is truly the “Crypto Capital of the United States”.