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Some nightclubs in Miami have revealed that many cryptocurrency investors and entrepreneurs usually patronized them last year. They also remarked that these investors are in the habit of spending lavishly.

These nightclubs also disclosed that they processed millions of dollars worth of transactions from crypto investors during last year’s bull season. They added these crypto millionaires have a habit of spending on their most expensive offers, like champagne-filled bathtubs.

The Good Old Days

The nightclub owners talked about the good days while speaking to the popular media outlet, Financial Times. However, the year-long bearish season and recent FTX exchange collapse have stopped these seemingly good old days.

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An Operating Partner at a Miami nightclub, E11even, told the Financial Times that the club had seen a massive increase in young crypto investors shortly after it began accepting orders in crypto in April 2021.

The Operating Partner, Gino LoPinto, added that many crypto entrepreneurs started patronizing the club in June last year. According to him, these investors placed expensive orders to celebrate a successful trade season.

LoPinto added that some even ordered a bathtub of champagne worth more than $1 million and made payments via crypto while enjoying a musical performance from top rapper 50 Cent.

In addition, Andrea Vimercati, the Director of Food & Beverage at Moxy Hotels, told Financial Times that young crypto investors were buying up to 24 of the most expensive champagnes. Vimercati added that these crypto millionaires were even organizing champagne showers.

He further said these investors were nerdy, which did not mainly show that they were wealthy. But they would purchase tables worth $50,000 and pay for the most expensive drinks.

Thus, he was forced to enquire about what these guys do for a living. Although there’s no evidence to prove that these investors are involved in crypto scams or honest crypto trading, it remains a fact that last year’s bull season changed the lives of many crypto proponents.

Most nightclubs in Miami had an increase in orders from crypto investors and entrepreneurs during last year’s bullish cycle. However, the latest bear season and FTX implosion have recently caused a shortage of consumers.

The FTX collapse has caused many investors to lose confidence in investing in the crypto market.

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George Ward

By George Ward

George Ward is a crypto journalist and market analyst at Herald Sheets, known for his engaging articles on the latest digital currency trends. With a background in finance and journalism, he presents complex topics accessibly. George holds a degree in Business and Finance from the University of Cambridge.