New York City and Silicon Valley were the leaders in funding blockchain startups last year, raising $6.5 billion and $3.9 billion, respectively, as reported by the Associated Press. Crypto exchange FTX last year bought the branding rights for the NBA Arena in Miami instead of American Airlines. Blockchain.com has also opened an office in the Wynwood District of Miami. Some other tech firms and investors are also starting their business in the same district.
City Mayor Francis Suarez is a major contributor to attracting crypto and tech companies to Miami. Peter Smith, co-founder and CEO of Blockchain.com, says that Wynwood has the necessary facilities for the tech sector. He said Wynwood has a large number of tech companies like San Francisco and New York. Others in the tech industry believe that Miami and Florida are both good locations for business and were open during the pandemic.
However, the past year has been a volatile one for bitcoin. It touched a high of $67,553 in November and by the end of January its price had almost halved. It is currently down about 30 per cent from the November price. Bitcoin has also almost stayed away from some of the big trends in the crypto segment like non-fungible tokens (NFTs). NFTs provide an opportunity to auction unique copies of digital art and other items. The organizers of the Bitcoin Conference reported that at least 75 companies will make announcements during the event. At this event last year, El Salvador President Nayib Bukele was surprised to learn that his country was granting legal status to bitcoin. This year also Bukele will be present at this event. This time a big announcement is expected from the bitcoin payment app Strike.
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