While the city has become known for its cryptocurrency advancements, other Florida counties, including Broward and Palm Beach, are exploring cryptocurrency opportunities.

For South Florida cryptocurrency enthusiasts, 2021 was an exciting year, as Miami established itself as a potential national capital for the industry.

The city hosted what was billed as the world's largest crypto conference, launched its own coin, appropriately named after the city, and welcomed an array of companies that relocated their headquarters or established outlier offices in Miami's Brickell Avenue financial district.

"There are really only two options for cities," Mayor Francis X. Suarez stated at a Bloomberg-sponsored event in Miami recently. "They can act as if it does not exist... or they can confront those realities and embrace the disruption and change."

It remains to be seen whether other South Florida cities and counties will follow Miami's lead in the coming year.

Despite or perhaps because of wild swings in the price of Bitcoin, the ground-breaking digital asset, the region's consumers have been clamouring for a piece of the action for several years.

According to the Pew Research Center, approximately 16% of the US population currently owns or previously owned cryptocurrencies. Six years ago, it was 1%. Crypto-investors have developed a preference for the asset due to its independence from banks and government regulators. Typically, coins are stored in virtual wallets, which include online services that mimic bank accounts.

In Broward and Palm Beach counties, an increasing number of local businesses, ranging from real estate and yacht brokerage firms to hair salons and charter jet companies, have begun accepting Bitcoin and other crypto currencies, and Bitcoin ATMs have sprouted up throughout the tri-county region.

However, local charities have expressed interest, Broward investment firms are bolstering their crypto credentials, and local governments are brainstorming ways to maximise the benefits of the new currency's characteristics.

Examining the Situation

There is less buzz and sizzle for cryptocurrency north of the Miami-Dade-Broward County line than there is in Miami. Local governments, on the other hand, are looking for ways to get involved. Additionally, private financial firms dealing in cryptocurrency are establishing offices in locations ranging from Fort Lauderdale to Palm Beach Gardens.

Although the Greater Fort Lauderdale Alliance, Broward County's economic development arm, does not have any crypto-related projects, Mayor Michael Udine is a supporter and serves as the county commission's liaison to the alliance this year.

He stated this week that he personally owns Bitcoin and Ethereum, the second-largest cryptocurrency by market capitalisation after Bitcoin.

In February 2021, while serving as vice mayor, Udine suggested to county commissioners that they consider allowing residents to pay tax bills with Bitcoin and developers to pay permit fees with Bitcoin.

"Nothing is concrete yet," he said Wednesday, adding that an exchange must be identified to help the ideas succeed. He is speaking with a few individuals.

Udine added that he is also interested in utilising crypto to enable "unbanked" consumers, or those without bank accounts, to access the financial system.

"Several different stakeholders have participated in conference calls to discuss banking the unbanked," he explained. They include FTX, a cryptocurrency exchange platform based in the Bahamas that enables users to trade cryptocurrencies, and OIC of South Florida, a nonprofit organisation that provides workforce training and education.

There is a requirement. In June, a senior executive and two economists from the Federal Reserve Bank of New York noted in a white paper that roughly one in every twenty American households lacks access to a bank-sponsored checking or savings account.

"Inadequate access to financial services forces the unbanked to rely on high-cost alternatives for transactional needs and can also make credit more difficult to obtain when households require it," the authors wrote. "This can have a detrimental effect on the financial health, educational opportunities, and welfare of unbanked households, exacerbating economic inequality."

Udine stated that it is premature to determine what can be done to assist county residents who lack access to basic financial services.

"We're looking to see if we can come up with something in the crypto space," he explained, adding that the solution could include a "crypto-type debit card" that could be replenished periodically.

Individual Investing

On the other hand, crypto is gaining traction among clients of local financial institutions.

Moss & Associates, a national construction management firm headquartered in Fort Lauderdale, announced the formation of Moss Family Office Worldwide this month. Moss Family Office Worldwide is an asset acquisition management firm that also includes a cryptocurrency investment arm called NXS Crypto Fund. The fund's clients are "accredited investors" with a nett worth of at least $1 million.

"There is such a high demand for accredited investors to have exposure to cryptocurrency," said Brent Campbell, founder and managing director of the fund. "This is a long-term proposition. You're witnessing adoption take place in front of your eyes, and people want access to it."

Campbell stated that Miami "took a strategic approach" that established a template for other cities to follow.

"Most cities must pay attention to what Miami is doing in order to remain competitive," he said. "I believe it will occur rapidly, and many of these city leaders will need to keep their finger on the pulse of what is happening."

Cryptocurrency trading is not limited to high nett worth individuals.

TradeStation Group, a long-standing online securities trading platform headquartered in Plantation, enables clients to independently buy, sell, and trade cryptocurrencies. The firm, which offers new customers $10 in cryptocurrency, announced its intention to go public via a merger with another firm. The company says the deal will help increase TradeStation's brand awareness among investors.

Virtu Financial, a New York-based electronic trading firm, established a Palm Beach Gardens office to house 55 employees in Palm Beach County. The CEO, Doug Cifu, is also a partner in the Florida Panthers hockey team.

The multibillion-dollar trading firm announced earlier this year that it had begun market making on major cryptocurrency exchanges. That is, they have aided exchanges by purchasing or selling assets during periods of liquidity scarcity.

Cryptocurrencies and Philanthropy

Nonprofit organisations are also entering the space, accepting cryptocurrency donations through intermediaries that screen donors and facilitate the transfer of funds.

Handy (Helping Abused Neglected Disadvantaged Youth), which has been assisting youth in the Fort Lauderdale area who have been displaced from their homes due to domestic violence, abuse, or abandonment since 1985, accepted its first cryptocurrency donation worth $4,700 this week, according to CEO Kirk Brown.

"It checks every box," Brown stated. "it's a financial contribution from an individual that goes through a rigors screening process to ensure the donation complies with tax laws and also protects the nonprofit."

This protection is provided by a platform called Giving Block, which has assisted nonprofits in accepting cryptocurrency donations since 2018 while also assisting donors in identifying charities that accept them. Additionally, the platform assists nonprofits in developing campaigns to increase their visibility among would-be donors, the majority of whom are younger.

Brown stated that there is a high level of interest among donors in the 18- to 45-year-old age range.

"I believe it is an untapped market for donors seeking a new way to make a social impact," Brown said.

"We have confidence in the checks and balances we have established," he explained. "This is the first time we have done so. It's about assuring our auditors are satisfied, our donor base is satisfied, and our recipients understand we will leave no stone unturned in our efforts to alleviate poverty."

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