Why Miami Will Become the Crypto Capital
It has everything for the next generation of crypto financiers.
New York City may dominate traditional finance, but Miami will become the crypto capital for the next generation of financiers. Silicon Valley and Los Angeles want to compete, but there is a simple reason why states like California and New York will play second fiddle in the crypto long game.
Taxes. Florida has no state income tax, while California and New York have some of the highest state income taxes in the United States. Residents of New York City even pay an additional ~4% of income tax to the city. A new industry with startup businesses needs every economic advantage it can find, so crypto entrepreneurs would be wise to first set up shop in Florida.
We are still in the early days of crypto. It has only been four years since the market saw its first wave of mass interest beyond crypto enthusiasts and true believers. Now institutional players have entered the arena and stakeholders like Crypto.com and FTX have literally put their names on stadiums in Los Angeles and Miami.
Beyond taxes, Miami will attract these players and other crypto market participants to its sandy shores for a number of other compelling reasons: crypto regulations, an existing and growing finance presence, proximity to…
