- Miami club owners told the Financial Times business is slumping as the crypto industry takes a blow.
- Crypto, tech, and hedge fund leaders came to the city en masse during the pandemic.
- But in the wake of the FTX implosion, some of the city’s top spenders have vanished
Crypto leaders aren’t the only ones feeling the blow of the cratering market and the downfall of FTX — so too are the Miami club owners who profited from regularly hosting some of the industry’s top spenders.
Requests for $50,000 tables and bottle service for top-shelf liquor at the city’s hottest venues are drying up, according to a new report from the Financial Times. The scene has become so bleak that Andrea Vimercati, director of food and beverage at Moxy Hotel group, told the outlet that high-rolling crypto regulars have “completely disappeared.”
Miami became a hotbed for crypto enthusiasts, tech execs, and hedge fund managers early in the pandemic, prompting a mass exodus to the Florida city. Many said it had potential to rival Silicon Valley, but as the crypto industry takes a blow, the future of Miami as a major tech and finance hub remains uncertain.
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