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MiamiCoin Loses 95% of its Value in Wake of Crypto Bloodbath

Written by:
Aaron Goldstein
Published on:
May/20/2022

This past week's crypto collapse has impacted various coins and connected sectors, including the city of Miami.

Miami’s bid to become the U.S. digital currency hub received a boost when the city’s commissioners voted early last year to study digital coins for further adoption with that city's Mayor Francis Suarez in full support.

Fast forward almost a year and Miami became a hot bed for the crypto universe after it hosted a highly successful conference and dozens of remote events.  Miami and neighboring Miami Beach are believed to have raked in a substantial amount of money for the local economies.  Hotel rooms were going for around $500 a night.

Now fast forward a few weeks and the MiamiCoin has lost nearly 95% of its value.

Commissioner Joe Carollo was skeptical from the start, as noted by our friends at CoinGeek.  He said last year:  “I think the mayor has done a fabulous job with that, and his intentions are coming right from the heart. Having said that, I can’t drink the Kool-Aid on this one.”

Even with the other city commissioners jumping on board the crypto bandwagon, Suarez is the only one who has provided his full support for MiamiCoin.

To be clear, MiamiCoin's troubles began long before this month's digital currency bloodbath, as noted by Scott Nover & Camille Squires of Quartz:

Over the last nine months, however, MiamiCoin has lost nearly all of its value, falling about 95% from its September peak to just $0.0032 as of May 13. Its rapid descent has burned investors on the way down, muting the dreams of Miami’s city leaders, and possibly raising red flags for regulators now investigating cryptocurrency transactions.

It remains to be seen how damaging this could ultimately be to Suarez, who teased of a 2024 US Presidential run at the kickoff of the Miami Bitcoin Conference last month.

Suarez has successfully attracted 15% more tech workers to Miami over the past two years, while a record $4.6 billion in new venture capital investment poured into its tech sector in 2021.

The Quartz piece noted:

So far, MiamiCoin remains a purely speculative asset. Neither the city itself nor private merchants appear to accept the cryptocurrency in exchange for goods or services. CityCoins was able to point to one potential city project (proposed but not yet implemented) involving a city contractor that would use the cryptocurrency to reward residents for reporting incorrectly parked rideshare scooters to the city’s 311 phone service.

- Aaron Goldstein, Gambling911.com

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