Simply this week, Sam Bankman-Fried, onetime-billionaire CEO of crypto alternate 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 buyers quickly pulled out of FTX, leaving him with a paltry fraction of his earlier internet price, as soon as estimated to have reached greater than $20 billion. Competitor alternate 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 gentle collision course over the previous yr. Bitcoin’s value 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 going through an intense crash.
Miami Mayor Francis Suarez, in the meantime, has been pretty quiet on-line concerning the current information.
Usually fast to reward crypto and no matter newest tech craze needs to make its method to Miami, Suarez hasn’t Tweeted something relating to Bankman-Fried or Bitcoin previously few weeks. In gentle of this, New Occasions has determined to climb within the Means Again Machine and collect up some tweets from America’s crypto mayor that have not aged so nicely with current 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 have to do now could be work out methods to put the crimson 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 world cryptocurrency hub. It could be the sort of epicenter of high-tech trendy business that everyone appears to be speaking about however nobody really understands.
After his firm purchased the naming rights to American Airways Area final March, Bankman-Fried tweeted that he seemed ahead to bringing “peace and prosperity” to Miami residents via 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 have to do now could be work out methods to put the crimson laser dots on my eyes,” Suarez responded.
(For reference, tech CEOs and self-avowed “meme lords” wish to put crimson laser eyes on their on-line profile photos. Sure, it is about as humorous because it sounds.)
Welcome House FTX
Very honored to have your new US headquarters transferring to the MIA. @FTX_Official is among the most revolutionary firms on the planet and also you @SBF_FTX are one of the revolutionary technologists. Welcome HOME! https://t.co/YPiz9RS63G
— Mayor Francis Suarez (@FrancisSuarez) September 27, 2022
Final September, Bankman-Fried introduced that FTX can be transferring 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 among the most revolutionary firms on the planet and also you SBF are one of the revolutionary technologists. Welcome HOME!” Suarez tweeted.
In Miami, “revolutionary” is commonly synonymous with “stuffed with it.”
It’s why bitcoin has develop into so priceless. 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 priceless,” 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 that 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 huge losses.
Can You Pay Me in Bitcoin?
• State legislative precedence
• Paying staff in Bitcoin
• Investing Metropolis treasury in Bitcoin
We obtained it accomplished ✅ pic.twitter.com/88laGvVbEG
— Mayor Francis Suarez (@FrancisSuarez) February 12, 2021
As a part of his push to deliver Miami onto the Bitcoin bandwagon, Suarez floated the thought 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 unstable nature of crypto, the previous 12 months have given an ideal instance. Fortunate for municipal staff, that plan by no means obtained 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 look like an enormous 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 will create advantages that “translate into a greater high quality of life for Miamians.”
Although the creators of MiamiCoin, an outfit known as Citycoin, donated over $5 million to town final June, the worth of the coin has since taken a steep dive.
In accordance with cryptocurrency value tracker Coinbase, MiamiCoin at present 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 shedding 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 alternative for us: a option to grind to a halt.
In most locations, it’s nonetheless principally halted.
However Miami is alive.
— SBF (@SBF_FTX) June 6, 2021
We’re feeling beneficiant, partly as a result of by the top of the week we may 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 alternative for us: a option to grind to a halt,” SBF tweeted. “In most locations, it is nonetheless principally halted. However Miami is alive.”
Sure, Miami continues to be alive. However FTX? Presumably not for lengthy.