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It can seem like an oxymoron at first. Cryptocurrencies are special, partially, because they do not have a physical manifestation. They are pure digital code. So, what do the cities with human made material manifestation par excellence gain from becoming known as crypto cities?
Despite its strangeness, cities from around the world are working hard to build their brands as crypto cities. Here is why, what to do with crypto currencies, and which cities are climbing to the top of this competition.
Why Crypto Cities?
Cryptocurrencies are becoming more and more mainstream, as their number of uses for these currencies grows as well. You can use them at Tesla, AMC Theatres, online casinos and more! You can even use crypto to buy everyday objects. Read more at our article at BuzRush.
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With growing uses for blockchain technologies, there is also a growing industry around the creation and innovation of it. When cities become crypto hubs, they attract workers, new businesses that could become multi-billion dollar agencies. This could make any of these cities the home of the next Silicon Valley.
Even if the cities do not become the only or most known place, this industry is growing. Plus, the technology can contribute to governance and urban efficiency. Having these workers and innovators living in and loving the city means they may contribute to it working better as a city itself.
Let’s look at some of the cities that are competing to attract the crypto industry to their neighborhoods.
In the US: Miami and New York City
The fight to become the crypto capital in the United States, at least, is being fought along the East Coast. New York City and Miami are competing to attract crypto industry actors, with Miami generally pulling out more stops to do so. A detailed look at npr.
Miami has launched its own crypto currency and Florida has no income tax. These factors have really been gathering attention, and have already motivated many financial companies, in and outside of blockchain, to move to South Florida.
New York City, on the other hand, has a mayor who promised to receive his first paychecks in Bitcoin. This did not actually happen as it would have broken the law. But New York City has one thing that no other city in the United States can compete with: it is New York City. While it may not be for everyone, for those who are looking for that dynamic city life, no other urban center in the United States competes.
While this battle rages in North America, the global struggle to attract the crypto sector is not isolated to the United States. While many technological and digital innovations have happened in the United States, there is no guarantee that will happen again, especially with how decentralized information is these days.
In Europe: Barcelona and Lubjana
The Catalan and Slovenian capitals are competing in Europe for the continent’s blockchain innovators.
Barcelona claimed the title of Blockchain City in 2019. They hosted a conference that year with the same title, and have hosted the European Blockchain Conference several times. Barcelona Tech City is a group of over 800 tech companies that work closely with the local and provincial government to foment the growing tech hub in Barcelona’s Poble Nou neighborhood.
Lubjana hosts over 300 outlets where its residents and visitors can spend cryptocurrencies. This includes Tus, one of Slovenia’s largest grocery store chains. Bitstamp, a large Bitcoin exchange, was founded in Slovenia. They have eleven Bitcoin ATMs. Lubjana is already living as a blockchain capital.
Plus, both capitals offer urban infrastructure that others cannot easily replicate. Lubjana has a beautiful city center and a moderate size. Barcelona has sun, beaches, and a thriving and historical urban culture. People want to live in these place, which is always helpful for attracting talent.
