South Florida by the Numbers: Cryptocurrency Integration
“South Florida by the Numbers” is a web feature that lists the most remarkable, original and surprising real estate statistics.
While the vast majority of people are still not 100% sure what it is or how it works, cryptocurrency has quickly grown from a curiosity to a major player in Miami business and real estate. . (In fact, the huge Bitcoin 2021 conference has moved from California to Miami this year, which will be held June 4-5 in Wynwood.) As the region’s relationship with technology and innovation evolves at a rapid pace dazzlingly, the general acceptance of this digital technology is also evolving. currency, not consolidated by banks or governments, despite its dramatic ups and downs in the market. How did “crypto” creep down our shores and into the big leagues? We explore it in this edition of “South Florida by the Numbers”.
$ 135 million
Amount agreed to by Miami-Dade County and crypto exchange firm FTX to secure the naming rights for the Miami Heat arena, starting next season and spanning 19 years. At this time, the team has no plans to accept cryptocurrency as a method of payment for tickets or for merchandise, food, or drinks at the arena. [SunSentinel]
Square feet of office space recently purchased by crypto-finance firm XBTO Group for its new headquarters in Miami, priced at $ 5.4 million. Offices will be located in the 51-story Biscayne Beach tower, located in Miami’s Edgewater neighborhood. (Developer Two Roads had used the space as a sales gallery for its condo tower near Elysee Miami.) [TheRealDeal]
The order of the Arte Surfside condominium among Miami developments accepting cryptocurrency in the sale of remaining units. The development has partnered with the SolidBlock blockchain platform to facilitate the mediation of crypto transactions and ease the buying process for buyers. Prices at Arte start at $ 10.3 million (or its equivalent cryptocurrency rate). The available condos consist of three to five bedrooms, with units ranging from 3,150 square feet to 7,550 square feet. [OceanDrive]
Florida State Senator Jeff Brandes’ expected failure percentage for a bill he sponsored that would have created the state’s first significant financial regulation for cryptocurrency. (The bill ultimately died in committee.) More interestingly, the bill was also quietly backed by Miami Mayor Francis Suarez, a strong advocate for technology investments and the integration of cryptocurrency into southern Florida. (The measure, which enjoyed bipartisan support from Florida House, would have paved the way for wider use of Bitcoin, Ethereum and other cryptocurrencies, and would have more clearly defined how they fit into the existing financial system.) [MiamiHerald]
$ 16 million
Price recently paid by large crypto investor J. Michael Arrington for a Coral Gables mansion near Fairchild Tropical Garden. Arrington co-founded tech blog TechCrunch in 2005 and sold it to AOL in 2010 for $ 25 million. This continues the recent trend of tech investors who recently bought upscale homes in South Florida, including Keith Rabois, Jon Oringer, and Peter Thiel. [TheRealDeal]
This column is produced by the Master Brokers Forum, a network of elite South Florida real estate professionals where membership is by invitation only and based on outstanding production, as well as ethical and professional behavior.