South Florida by the numbers: The mainstreaming of cryptocurrency

Miami /
May.May 27, 2021 11:30 AM
2955 Northeast Seventh Avenue and Arte Surfside and Arrington's Coral Gables mansion (Google Maps, Arte, James Irwin / ONE Sotheby’s International Realty)

2955 Northeast Seventh Avenue and Arte Surfside and Arrington’s Coral Gables mansion (Google Maps, Arte, James Irwin / ONE Sotheby’s International Realty)

“South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics.

While the vast majority of people are still not 100 percent sure what it is or how it works, cryptocurrency has quickly grown from a curiosity to a major player in Miami business and real estate. (In fact, the massive Bitcoin 2021 conference was moved from California to Miami this year, to be held June 4-5 in Wynwood.) As the region’s relationship with technology and innovation evolves at lightning speed, so too does mainstream acceptance of this digital currency, unbound by banks or governments, despite its dramatic ups and downs in the market. How did “crypto” creep onto our shores and into the big leagues? We explore it in this edition of “South Florida by the numbers.”

$135 million

Amount agreed upon by Miami-Dade County and crypto exchange company FTX to secure the naming rights for the Miami Heat’s arena, beginning next season and extending over 19 years. As of now, the team has no plans to accept cryptocurrency as a form of payment for tickets or for merchandise or food or beverages at the arena. [SunSentinel]

5,400

Square feet of office space recently purchased by cryptofinance firm XBTO Group for its new Miami headquarters, at a price of $5.4 million. The offices will be located in the 51-story Biscayne Beach tower, located in Miami’s Edgewater neighborhood. (Developer Two Roads had used the space as a sales gallery for its nearby condo tower Elysee Miami.) [TheRealDeal]

1

The condominium Arte Surfside’s order among Miami developments in accepting cryptocurrency in the sale of remaining units. The development has partnered with the blockchain platform SolidBlock to help mediate crypto transactions and make the purchase process easier for buyers. Prices at Arte start at $10.3 million (or its equivalent cryptocurrency rate). Available condos consist of three to five bedrooms, with units ranging from 3,150 square feet to 7,550 square feet. [OceanDrive]

80 percent

Florida state senator Jeff Brandes’ expected failure percentage for a bill he sponsored, which would have created the state’s first meaningful financial regulations for cryptocurrency. (The bill ultimately did die in committee.) Of greater interest, the bill was also quietly supported by Miami Mayor Francis Suarez, a vocal proponent for tech investments and cryptocurrency mainstreaming in South Florida. (The measure, which enjoyed bipartisan support in the Florida House, would have paved the way for a wider use of Bitcoin, Ethereum and other such cryptocurrencies, and would have more clearly defined how they fit into the existing financial system.) [MiamiHerald]

$16 million

Price recently paid by major crypto investor J. Michael Arrington for a Coral Gables mansion near Fairchild Tropical Garden. Arrington co-founded the tech blog TechCrunch in 2005, and sold it to AOL in 2010 for $25 million. This continues the recent trend of tech investors who have recently purchased high-end homes in South Florida, including Keith Rabois, Jon Oringer and Peter Thiel. [TheRealDeal]

This column is produced by the Master Brokers Forum, a network of South Florida’s elite real estate professionals where membership is by invitation only and based on outstanding production, as well as ethical and professional behavior.


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