Crypto currency’s collapse has damaged Miami’s brand | Guest Opinion

The FTX collapse sent shock waves through the cryptocurrency/NFT world, panicking investors and creating a global wake-up call. A lot of people lost a ton of money. Others lost jobs. Beyond the financial losses, though, is the damage to Miami’s brand.

More than any other city, Miami has banked its reputation on crypto. In 2021, the city’s premier sports arena signed a naming-rights deal, making it the FTX Arena. Months later, Miami Mayor Francis Suarez proudly tweeted, “Crypto capital of the world.” Next, the Miami Bull, an 11-foot tall, 3,000-pound monument to the city’s crypto future, was unveiled.

And then …

FTX went bust, its logo scraped from our skyline. Miami was once again in the news for all the wrong reasons.

For many, this 20-month roller coaster reinforced Miami’s brand as a city where people come to push the envelope of morality and legality. Titillating yes, but not a place to be taken seriously. The region has been trying to shake this image since Al Capone lived here.

Here in the 21st century, Miami’s longtime patron saints of class and art (Jorge Pérez, Emilio Estefan, Adrienne Arsht, Phillip and Patricia Frost, Dan and Trish Bell, among others), have long fought side-by-side with our region’s champions for education and excellence (Donna Shalala, Ruth Shack, David Lawrence, Alberto Ibargüen and many more), attempting to transform Miami into a “world-class city.” But for all their progress, their work has often been overshadowed by the sun, alcohol and flesh-soaked parties that rage across any given weekend when the tourists and boorish are out in force. Despite honest attempts by visionary people, “Miami” is still the name scrolled on the door of the bathroom stall after the words, “for a good time call…”

Here enters crypto.

We wanted to believe Miami’s leaders when they said that crypto/NFTs would help redefine Miami as a reputable mecca for tech and innovation. But despite the promises, we all knew crypto is the preferred currency of tax dodgers, money launderers and cartels. For those who aren’t criminals, it is either a get-rich-quick scam fueled by speculation and volatility or a flight of fancy on the order of Dutch tulips. Also understood was that, as our reputation battles against our desired future, our brand can no longer afford to be associated with the dubious.

Truth be damned; here we are, a city begging to be regarded as a world center but unwilling to change. We continue to embrace the tawdry and morally questionable, right up until they go bust or get busted.

So, build another luxury condo near the rising seas. Have another toke and enjoy a game at the newly crowned Miami-Dade Arena. Watch the flood of tourists wade through a flow of champagne while the half-dressed city in the sun only feigns to wonder why nobody takes it seriously.

If Miami wants its brand to grow up, its reality must lead the way.

Thom Mozloom is the president and CEO of The M Network.