Well, there is no tomorrow for many of the people who were acting like a bunch of college kids on Spring Break running up absurd tabs on dad’s credit card with the downfall of FTX and the cryptocurrency collapse.
“Ninety-five percent men, young … with a kind of nerdy style,” Andrea Vimercati, director of food and beverage at Moxy Hotel group, told the Financial Times in describing the spenders. “Out of the blue, all these kids from crypto started coming down and spending a lot of money — like, an insane amount of money.”
Now, tho, they have “completely disappeared.
Based in the Bahamas, FTX went wild in Miami, paying $135 million for naming rights to the Miami Heat’s arena for 19 years. The people were also spending $6 million at Miami’s 24-hour hour club E11even and other bars, restaurants and nightclubs. Miami – which was becoming the Silicon Valley of crypto – thrived with the nightlife. But it now might be last call for some places.
The crypto collapse also is also affecting nightclubs and bars beyond Miami. Crypto kids are all over the world were spending like crazy in nightclubs around the planet. Las Vegas is likely taking a hit, tho Vegas can certainly handle the loss of the here-one-day-gone-the-next high rollers.
Which is more than PubClub.com can say for those Crypto kinds.
Gino LoPinto, operating partner at club E11even – a Vegas-style mega-nightclub with top DJs and aerial performers, smoke and lazar lights – told the Financial Times people were spending cryptocurrency, which the club began taking in 2021. And openly bragging about it.
“You wouldn’t normally show your bank account, but people do show their crypto wallets,” he said. “I’ve seen more crypto wallets in a year than I’ve seen bank accounts in a lifetime.”
He also said an unnamed company celebrated its sale by bringing in 50 Cent for a concert and there were “bathtubs of champagne.” The total coast for the one evening was $1 million. All paid in crypto.
Talk about living in the moment. Except that moment is now gone.