Is Miami Still A Home For Cryptocurrency? This Report Reveals Yes

2 min

Is the Miami narrative around cryptocurrency dead and gone? Bear market conditions have certainly trimmed dialogue around the most crypto-friendly markets in the United States, but one new report implies that it’s not all doom and gloom.

Miami’s once dominant crypto- 1st position has been challenged by competing markets, but the city’s financing into innovation and crypto-aligned culture (not to mention the appeasing weather) has allowed the market to retain the top spot.

What other US-based cities are making blockchain tech initiatives and investments? Let’s dive into a new report looking at just that.

Regional Respect: The Look Of The Landscape

Miami, San Francisco, Austin… oh my? Move aside tech mainstays, the back half of 2022 saw innovation assets in markets that can potentially catch you by surprise. A new report from Telstra Ventures, obtained by Bitcoinist, shows that while blockchain-based assets have slowed, they are still seeing more growth than other comparable categories – and Miami persists to be a mainstay for those investments, too.

The folks over at Telstra Ventures evaluated data from over 40,000 startups that received financing during 2021 – 2022 across 28 regions.

Is Miami Still A Home For Crypto? This Report Says Yes

The cryptocurrency marketcap storyline is vastly different in the Second half of 2022 compared to the 1st half of the year. The market has shown indications of rebounding to begin 2023. | Source: CRYPTOCAP-TOTAL on

It’s All In The Numbers

Bear market conditions certainly changed the landscape from 2021 into 2022. By mid-year a year ago, it felt at times like the industry was crumbling to a crisp. The numbers on the other hand, reflect just a 5 percent decrease in assets in the blockchain tech sector – compared to a 31 percent decrease in media & advertising, a 32 percent decrease in SaaS and enterprise / fintech, and other substantial decreases across comparable categories.

This implies that regardless of a decline compared to 2021, there was still plenty of excitement and interest in blockchain-based financing regardless of unfavorable market conditions.

What did that mean for sunny south Florida? 2021 was a bustling year for Miami Mayor Suarez, who became practically a public ambassador of crypto; but 2022’s market conditions hit home, and hard. FTX’s demise late this year was a major pillar, as FTX Trading Ltd was a sponsor of Miami’s NBA arena; CeFi platform Voyager likewise had a relationship with the Miami Heat and Heat player Victor Oladipo before it’s downfall.

This is why, when looking at the back half of 2022 relative to the back half of 2021, Miami did take a hit; the Telstra Ventures report shows that in 2H 2022, Miami saw a 17 percent decrease year-over-year across all emerging tech categories. Although while other major United States markets, including LA, San Francisco, Austin, Seattle and New York all took even greater hits in comparison, there were several  markets that essentially saw upticks in investment.

Philadelphia, Dallas, Salt Lake City, and Raleigh all saw growth over the same time period in broader tech investments; could one of these markets be the following big player in drawing blockchain-based investments?

Is Miami Still A Home For Crypto? This Report Says Yes


Read Disclaimer
This page is simply meant to provide information. It does not constitute a direct offer to purchase or sell, a solicitation of an offer to buy or sell, or a suggestion or endorsement of any goods, services, or businesses. does not offer accounting, tax, or legal advice. When using or relying on any of the products, services, or content described in this article, neither the firm nor the author is liable, directly or indirectly, for any harm or loss that may result. Read more at Important Disclaimers and at Risk Disclaimers.