The impacts of FTX’s downfall on local businesses indicates the danger of depending on blockchain-based incomes

Just recently branded the capital of crypto, Florida and its utopian promise of an unregulated, blockchained future have already begun to crumble. With the meteoric downfall of FTX, it (unfortunately) wasn’t just crypto bros who saw losses. It was also the clubs that those crypto bros once patronized, with regular requests for top-shelf bottle service and tables priced at the average American’s annual income. E11EVEN, a downtown Miami club, claimed that they saw a measly $10,000 over the last three months, compared to last year’s $2 million average.

Once branded as a hub for leathery men with fat pockets, bare chests, and barely-legal girlfriends, the club’s clientele quickly transformed into a crowd of predominantly young men, who Moxy Hotel’s Andrea Vimercati told the Financial Times have “a kind of nerdy style,” and are eager to hemorrhage cash to party (perhaps compensating for the drinking and drugging experiences absent from their educational years). But it seems that this demographic’s raging days were short-lived, and the money spent on bottles beyond their palates were poor investment choices for a now—again—non-existent social future. (For nerds whose portfolios haven’t tanked, who are still seeking means of buying their way into friendship, I’d recommend putting money into coastal properties, as their allure promises relationships that last longer—at least until they’re eventually swallowed whole by the rising sea levels—than the passing camaraderie of a pricy and perspiratory night out.)

The crypto climb was quick, overtaking cities, stadiums, and social circles, infiltrating nearly every industry, and seemingly fulfilling the real promise of the modern American Dream: a little work for a lot of money. Expected to redefine cultural norms, the FTX crash demonstrates that crypto’s death can match the exponentiality of its rise—and it’ll take out everyone and everything that edged into profits with it.