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Like a lot of other people out there, the owners of Miami nightclubs lost out in the crash because they didn't invest their savings into the cryptocurrencies. They're missing out on the business of wealthy people who want to show off their wealth on the city's famous nightlife scene.
The director of food and beverage at the Moxy Hotel group told the Financial Times that all the children from the area started spending a lot of money. An insane amount of cash.
The "Young," "nerdy," and eager-to-spend" bros who used to hit the clubs en masse are missing from the same clubs. It's not clear if they will ever come back.
The club operators said that the wealth displayed by the rich was truly extreme. The baths were filled with champagne and 50 Cent was given a bunch of cash to throw to club goers during his performance. The clubgoers showed people how much money they had in their wallet.
They wanted to show that they didn't have limits. They ordered 12 or 24 bottles of the most expensive champagne and just took a shower.
Miami was the place to go if you wanted to live out your Jordan Belfort fantasy. The annual Bitcoin Conference relocated to Miami from Los Angeles, and the Florida town's mayor even pushed for widespread digital currency integration.
None of this is really surprising. There is a market that has always been driven by hype, promotion, and a "Get rich quick" mentality, and few things encompass all of those things more fully than publicly showering yourself with luxury champagne.
Nightclubs in Miami mourn the absence of high-rollers.
FTX executive Vomited in horror when he learned the truth.
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