Miami nightclub owners are struggling with slumping sales after losing top-spending crypto clientele in wake of FTX implosion and crypto downfall, report says
— so too are the Miami club owners who profited from regularly hosting some of the industry's top spenders.
Miami became a hotbed for crypto enthusiasts, tech execs, and hedge fund managers early in the pandemic, prompting a mass exodus to the Florida city. Many said it had potential to, but as the crypto industry takes a blow, the future of Miami as a major tech and finance hub remains uncertain. "Out of the blue, all these kids from crypto started coming down and spending a lot of money — like, an insane amount of money," he said.
— the company also had a large presence in Miami. According to the FT, FTX paid $135 million to secure 19 years worth of naming rights to FTX Arena, home to the Miami Heat.
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