What is Bitcoin?
The seemingly unstoppable rise of Bitcoin continued with the cost of a single unit of the digital currency rising above $50,000 for the first time.
MIAMI – Thousands of cryptocurrency enthusiasts are gathering in Miami as the city builds its reputation as one of the key locations to develop the blockchain technology despite its underdog status.
Dozens of companies are using the Bitcoin 2022 conference running Wednesday through Friday as a venue to network, pitch ideas and share announcements to the industry and beyond.
New York City and Silicon Valley continued to lead in funding raised by blockchain startups in 2021, with $6.5 billion and $3.9 billion. But Miami is now tied with Los Angeles, where firms pulled in more than $760 million in funding, according to market research firm CB Insights.
Cryptocurrency exchange FTX bought the naming rights for the NBA arena in downtown Miami last year, replacing American Airlines. The largest crypto company to move to Miami so far, Blockchain.com, will house 200 employees at a location in the hip Wynwood district, where other tech firms and investors are setting up shop as well.
“Wynwood just really has that sort of spirit that you are looking for when a new tech sector is built,” said Blockchain.com CEO and co-founder Peter Smith, comparing it to San Francisco’s South of Market neighborhood and New York City’s Brooklyn. “Ultimately you want to be with the other tech companies.”
FILE IMAGE – A Bitcoin image hangs on the wall during the North American Bitcoin Conference held at the James L Knight Center on Jan. 19, 2022, in Miami, Florida. (Photo by Joe Raedle/Getty Images)
Many cite a welcoming environment cultivated by local officials, mainly Miami Mayor Francis Suarez, who has attracted national attention by luring tech investment and becoming one of America’s crypto-friendly mayors.
Others note that both Miami and Florida are business-friendly and remained open during…
