In her article via UnHerd, Elle Hardy is writing about the city of Miami regarding cryptocurrency as Bitcoin. One of her main points is that criminal individuals and organisations often use crypto.
She writes, among other things, that the unveiling of a charging bull statue at a Miami cryptocurrency conference last April represented the financial might of the cryptocurrency market. However, the market faced a "crypto winter" when the price of various cryptocurrencies, including Bitcoin, plummeted. Miami has become one of the crypto's cultural centers, with the country's fastest-growing number of tech jobs. Miami Mayor Francis Suarez has been actively promoting the city as a cryptocurrency hub, with investment in Miami-based crypto start-ups surging from $6 million in 2020 to $745 million in 2021.
Crypto is not without its controversies, according to Hardy. There has been a surge in cryptocurrency-related arrests in Miami, with digital assets attracting individuals looking to launder fiat currency from dubious sources. A report found that $8.6 billion was laundered through cryptocurrency in 2021, up 30% from the previous year. Crypto is a popular currency for Mexican drug cartels and Russian mafia figures.
Miami's geography and demographics contribute to its attractiveness to international figures. She writes that the city's location in the center of the Americas and its high immigrant population plays a role in the growing prominence of cryptocurrency in the area. Miami has the largest "unbanked" population among US cities with over 100,000 people, with around one in five residents not having a bank account. This had led to many turning to crypto out of necessity, especially during the pandemic when traditional money exchanges closed their doors.
Despite the controversies and fluctuations in the crypto market, influential firms like Andreessen Horowitz continue to invest in the industry. Bitcoin has quietly risen almost two-thirds since last Christmas, showing that cryptocurrencies are here to stay. The association of crypto with shady money and macho risk-taking is a symptom of economic malaise rather than a sign that crypto is the problem. As Miami hosts Bitcoin 2023, the annual convention introducing the neutered crypto bull, the market has proven resilient, indicating that crypto is not going anywhere, according to Hardy.
What do you think about the article? Is it presenting an objective situation regarding crypto?
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