NYC battles Miami for ‘crypto capital’ crown


New York City has advanced to become the financial capital of cryptocurrency as the race between the city and Miami heats up and venture capital firms are buying real estate in the Big Apple to expand their investment in space.

Some motivations for expanding into New York City include its rich financial history, the prevalence of human capital, and access to universities.

This is because Miami has been pushing hard to attract cryptocurrency innovation to the city, in fact, Miami Mayor Francis Suarez has called Miami the world’s cryptocurrency capital.

“We want to be the most innovative city on the planet because we understand that the future of high-paying jobs in America depends on creating an innovative economy,” Suarez told “Mornings with Mary” in September.

The mayor of Miami has said he will accept 100% of his bitcoin salary, and told Cavuto: Coast to Coast in November, after securing a second term, that the measure “will send a message to the world that we are going to be a of the most innovative governments and cities on the planet. “

New York City Mayor Eric Adams, who has been a strong supporter of the growth of cryptographic space in the city, has accepted his first paycheck in the form of ethereum and bitcoin.

“New York is the center of the world and we want it to be the center of cryptocurrency and other financial innovations,” Adams said in a statement in January, shortly after taking office. “Being at the forefront of this innovation will help us create jobs, improve our economy and remain a magnet for talent around the world.”

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Last year, New York City attracted $ 6.5 billion in funding for cryptocurrency startups last year, which accounted for 46% of all U.S. funding. UU. to companies focused on cryptography, Forbes reported, citing data from CB Insights, and added that Silicon Valley came in second with $ 3.9 billion in cryptography. financing. Los Angeles and Miami reportedly raised $ 760 million.

Silicon Valley-based investment firm Andreessen Horowitz will quadruple its New York City office space by signing a long-term lease in December in SoHo for its cryptocurrency fund, the Real Deal reported.

New York City is progressing to become the financial capital of cryptocurrency as the race between the city and Miami heats up. (REUTERS / Dado Ruvic / Illustration / Photo file / Reuters photos)

“We believe that the next wave of computer innovation will be driven by cryptography,” the firm said in a press release in June when it announced it had raised a new $ 2.2 billion fund to continue investing in cryptographic networks.

Also in June, it was revealed that the US cryptocurrency exchange Coinbase is establishing an office in New York City. A Coinbase spokesman did not immediately respond to FOX Business’s request for comment on the motivation behind the expansion to the Big Apple.

Ticker Security Last Change % change
CURRENCY COINBASE GLOBAL INC. 74.28 -9.23 -11.06%
BITQ CONCEPTS MARKETED IN EXCHANGE OF TRUST IN CRYPTO INNOVATORS FROM BITWISE AND 8.96 -0.26 -2.78%

On Tuesday, Lydia Hu of FOX Business reported on “Mornings with Maria” that “just as it looks like New York City is making progress, there is legislative action by the state that some say threatens development.” .

Bitcoin Foundation chairman Brock Pierce has spoken out while some state lawmakers are considering a two-year moratorium on cryptographic mining operations to curb New York’s carbon footprint, arguing that the move could deter commercial investors.

Pierce said the proposed legislation is “at odds with what everyone else in the world is doing.”

“Everyone is trying to attract cryptocurrency companies,” continued the cryptocurrency billionaire.

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The bill, which seeks to impose a two-year moratorium on certain types of cryptographic mining operations, is sitting on the Senate Environmental Conservation Committee and has decided not to consider the legislation at its last session. CoinDesk reported on Friday, citing a calendar released that morning.

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FOX Business’s Breck Dumas contributed to this report.



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