(NewsNation) — With interest growing in cryptocurrency by the day, the city of Miami is hoping to lead the world in the new technology.
Bitcoin 2022, which organizers say is the “biggest Bitcoin event in the world,” is taking place there this week.
Thousands of Bitcoin enthusiasts are in Miami learning how to network, pitch ideas and share announcements on the cryptocurrency.
And many parts of Miami’s currency are changing to crypto as well. Some bars have already accepted cryptocurrency over cash, and Miami Mayor Francis Suarez has pledged to take his entire salary in Bitcoin.
“Crypto has become almost a preferred method of payments for a lot of people across the Web3 ecosystem here in Miami,” Chris Adamo, co-founder of venture capital firm Flamingo Capital, said. Web3, according to Wired, refers to a decentralized online ecosystem, where users can earn and maintain an ownership stake by helping to develop and maintain blockchain services.
Worldwide, there are over 300 million cryptocurrency users, including tens of millions in the U.S., according to crypto exchange company TripleA. Roughly 16% of all adult Americans have invested in cryptocurrency, and the market for it has risen rapidly over the last few years.
Cryptocurrency reached its peak value of nearly $3 trillion last November. driven in part by the coins’ incredibly high trading value.
New York City and Silicon Valley have been leading the industry in fundraising for blockchain startups with $6.5 billion and $3.9 billion. Now, Miami is making a name for itself, with firms pulling in more than $760 million in funding.
Suarez has spent the last two years pushing for Bitcoin and attracting investors. His latest victory, getting to display an 11-foot, 3000-pound crypto bull in the heart of Miami, a nod to Wall Street’s charging bull statue in New York City.
“[Miami’s] definitely become the capital of crypto in America for sure,” Adamo said. “This is the place to be if you’re in America and you’re into any type of cryptocurrency or Web3 companies.”
The largest company to move to Miami so far is Blockchain, which is currently building an office for its 200 employees.
Bitcoin, cryptocurrency’s most popular and oldest coin, reached a value of $68,990 per coin last November. But with crpto currency being so new, these sky-high prices are still pretty volatile. Looking back at the overall valuation of the crypto market, there have been many rises and dips over the last few months.
While many are touting cryptocurrency’s benefits, some critics question the assumptions that have been made about the claimed value and utility of the new technology.
Right now, the crypto market is valued at $1.9 trillion, which is still higher than a few years ago, but down $1.1 trillion from its peak.