Simply this week, Sam Bankman-Fried, onetime-billionaire CEO of crypto trade platform FTX, happy cryptocurrency skeptics keen on schadenfreude when he misplaced the overwhelming majority of his wealth in a matter of days.
Bankman-Fried’s firm and checking account collapsed as traders quickly pulled out of FTX, leaving him with a paltry fraction of his earlier web price, as soon as estimated to have reached greater than $20 billion. Competitor trade Binance additionally pulled out of a deal to buy FTX, leaving Bankman-Fried scrambling for money to maintain his firm afloat.
In the meantime, the distinguished cryptocurrency Bitcoin has been on a gradual collision course over the previous yr. Bitcoin’s worth reached a low of about $16,000 per coin on November 9, down from an all-time excessive of $66,000 in November of 2021. Different cryptocurrencies are additionally dealing with an intense crash.
Miami Mayor Francis Suarez, in the meantime, has been pretty quiet on-line concerning the latest information.
Usually fast to reward crypto and no matter newest tech craze desires to make its option to Miami, Suarez hasn’t Tweeted something concerning Bankman-Fried or Bitcoin previously few weeks. In gentle of this, New Occasions has determined to climb within the Approach Again Machine and collect up some tweets from America’s crypto mayor that have not aged so properly with latest headlines in thoughts.
Peace, Prosperity and Laser Eyes
Overjoyed that your dedication to our group advances our efforts to be essentially the most crypto pleasant metropolis on the planet. All I must do now’s determine put the purple laser dots on my eyes… 👀 😂 @SBF_Alameda @FTX_Official https://t.co/ZqGt1SgqvM
— Mayor Francis Suarez (@FrancisSuarez) March 30, 2021
Earlier than his fall to earth, the Icarus-like Bankman-Fried had entertained hopes of turning Miami into a worldwide cryptocurrency hub. It will be the type of epicenter of high-tech fashionable business that everyone appears to be speaking about however nobody truly understands.
After his firm purchased the naming rights to American Airways Area final March, Bankman-Fried tweeted that he appeared ahead to bringing “peace and prosperity” to Miami residents by means of FTX’s funding.
Whereas that is hokey sufficient in its personal proper, Suarez piled on, with a sign enhance tinged with a poor try at memeing.
“Overjoyed that your dedication to our group advances our efforts to be essentially the most crypto pleasant metropolis on the planet. All I must do now’s determine put the purple laser dots on my eyes,” Suarez responded.
(For reference, tech CEOs and self-avowed “meme lords” prefer to put purple laser eyes on their on-line profile footage. Sure, it is about as humorous because it sounds.)
Welcome Residence FTX
Very honored to have your new US headquarters shifting to the MIA. @FTX_Official is likely one of the most progressive firms on the planet and also you @SBF_FTX are probably the most progressive technologists. Welcome HOME! https://t.co/YPiz9RS63G
— Mayor Francis Suarez (@FrancisSuarez) September 27, 2022
Final September, Bankman-Fried introduced that FTX can be shifting its headquarters to Miami, a spot well-known for pie-in-the-sky pursuits.
Suarez retweeted Bankman-Fried (identified on Twitter as SBF), saying he was honored to have the corporate come to his metropolis.
“FTX is likely one of the most progressive firms on the planet and also you SBF are probably the most progressive technologists. Welcome HOME!” Suarez tweeted.
In Miami, “progressive” is usually synonymous with “filled with it.”
It’s why bitcoin has develop into so invaluable. An unmanipulatable foreign money/retailer of worth… https://t.co/CQQFGgb3RC
— Mayor Francis Suarez (@FrancisSuarez) October 28, 2021
“It is why Bitcoin has develop into so invaluable,” Suarez tweeted final October earlier than Bitcoin’s 2022 plunge. “An unmanipulatable foreign money/retailer of worth…”
The ironic remark was a quote tweet of Elon Musk’s personal jab at the concept the U.S. ought to do a greater job of taxing billionaires. Musk stated it was “primary math” that taxing billionaires alone would not repair the nationwide debt.
A yr later and each Bitcoin and Musk are each struggling large losses.
Can You Pay Me in Bitcoin?
• State legislative precedence
• Paying staff in Bitcoin
• Investing Metropolis treasury in Bitcoin
We acquired it carried out ✅ pic.twitter.com/88laGvVbEG
— Mayor Francis Suarez (@FrancisSuarez) February 12, 2021
As a part of his push to convey Miami onto the Bitcoin bandwagon, Suarez floated the concept of paying Metropolis of Miami staff in Bitcoin, even providing to take his personal paycheck within the cryptocurrency.
Whereas any rational observer might’ve seen how dangerous an concept that was on the time, contemplating the inherently risky nature of crypto, the previous 12 months have given an ideal instance. Fortunate for municipal employees, that plan by no means acquired off the bottom.
Additionally fortunate for Suarez: he apparently did not have that a lot religion in cryptocurrency both. This July, the mayor revealed in his monetary disclosures that he solely held about $11,000 in cryptocurrency by December of 2021, which does not seem to be a giant vote of confidence from a mayor who additionally had two funding properties price a mixed $700,000 on the time.
ICYMI my interview on MiamiCoin w/ @FoxBusiness
✅The revolutionary idea of @mineCityCoins
✅Understanding the way it’s generated $5M+ for the Metropolis
✅How these advantages translate into a greater high quality of life for Miamians pic.twitter.com/ipewPwBMdw
— Mayor Francis Suarez (@FrancisSuarez) September 20, 2021
In a September 2021 tweet, Suarez shared a clip from his spot on Fox Enterprise touting the revolutionary thought behind “MiamiCoin,” a municipal cryptocurrency meant to generate metropolis funds when individuals “mine” or authenticate the coin. The thought was, in Suarez’s phrases, that when individuals mined MiamiCoin, it might create advantages that “translate into a greater high quality of life for Miamians.”
Although the creators of MiamiCoin, an outfit referred to as Citycoin, donated over $5 million to town final June, the value of the coin has since taken a steep dive.
Based on cryptocurrency worth tracker Coinbase, MiamiCoin at the moment sits at a whopping $0.000617 — a nigh infinitesimal fraction of a cent.
The foreign money has principally flatlined previously six months, displaying virtually no indicators of life and dropping virtually all of its worth. Suarez’s Twitter, in the meantime, has been mum concerning the foreign money since February.
Bonus: Miami Is Alive
4) the world made a selection for us: a option to grind to a halt.
In most locations, it’s nonetheless largely halted.
However Miami is alive.
— SBF (@SBF_FTX) June 6, 2021
We’re feeling beneficiant, partly as a result of by the tip of the week we is likely to be richer than Bankman-Fried, so we’ll throw in an additional tweet from the unlucky crypto entrepreneur. This one comes from a June 2021 thread by which Bankman-Fried lamented pandemic shutdowns and the way a lot of the world handled cryptocurrency firms poorly.
“The world made a selection for us: a option to grind to a halt,” SBF tweeted. “In most locations, it is nonetheless largely halted. However Miami is alive.”
Sure, Miami continues to be alive. However FTX? Presumably not for lengthy.