The FT spoke to one hotel group that said crypto entrepreneurs were willing to blow $500,000 on renting a club exclusively for an evening — spending "insane" amounts of money.
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The bear market has led to a number of high-profile casualties among crypto businesses — but according to the Financial Times, they're not the only ones suffering.
A new report suggests that nightclubs in Miami have seen a marked decline in big spenders ever since the value of major cryptocurrencies plummeted, dragging NFTs down with them.
The FT spoke to one hotel group that said crypto entrepreneurs were willing to blow $500,000 on renting a club exclusively for an evening — spending "insane" amounts of money.
Andrea Vimercati said the revelers were 95% men and young "with a kind of nerdy style" — and at first, it didn't look like they were rich. Documenting the excesses seen in 2021, they said:
"They wanted to show that they didn't have any limits. They were ordering 12 or 24 bottles of the most expensive champagne and just showering themselves without even drinking."
The crypto bros have now "completely disappeared" from the scene, Vimercati claimed, gone in the blink of an eye.
Another club that now accepts crypto as a payment method said it processed $6 million in transactions last year, but this has dwindled to just $10,000 over the past three months.
While some executives told the newspaper that they're confident the crypto markets will return — and the demand for high-end clubbing — others think it's a flash in the pan that'll never be repeated.
