Crypto leaders, Coachella NFT pass holders, and blockchain services aren’t the only ones mourning FTX’s collapse. Miami nightclub owners told Financial Times that nightlife businesses are slumping after big-spending crypto wales have gone MIA amid the plummeting value of digital coins.
When bitcoin’s price rose to a whopping $60,000 and digital coins became mainstream, crypto entrepreneurs flocked to Miami’s hottest venues to spend half a million dollars on top-shelf liquor.
But champagne showers and $50,000 tables became sepia history when Miami’s top spenders vanished from the nightlife scene.
FTX’s sudden implosion and the downhill of cryptocurrency value cast a pall over club owners and promoters, as they are unsure if the big spenders will return.
Andrea Vimercati, former director of Groot Hospitality, which operates lusted-after Miami clubs including LIV and STORY, told Financial Times that the new wave of clubbers were “95% men, young… with a kind of nerdy style.”
“They were ordering 12 or 24 bottles of the most expensive champagne and just showering themselves without even drinking. They wanted to show that they didn’t have any limits.”
Gino LoPinto, operating partner at the E11EVEN Miami nightclub, recalled that the 2021 crypto boom brought in groups of young men who wanted to flaunt their newfound wealth.
LoPinto told Financial Times that a group of crypto businessmen spent “more than a million dollars” at the nightclub to celebrate the successful sale of their company.
“They had bathtubs of champagne brought out, and gave 50 Cent a bunch of cash to throw. They paid in crypto.”
In April 2021, E11EVEN started accepting crypto payments – a venture which brought more than $6 million worth of transactions last year. In the past three months, the club has processed less than $10,000 – which LoPinto described as a ”monster, huge fall.”