As economic uncertainty has many people looking for new ways to increase their income, a growing number of Miami residents are turning to cryptocurrency.
For some, it’s not just an investment: it’s a life-changing opportunity.
NFTs open doors for Miami artist
Miami illustrator and muralist Marlon Pruz told CBS News Miami that he struck gold in the crypto world by selling the so-called NFTor non-fungible tokens. An NFT is a digital asset that signifies ownership of a digital item. For Pruz, it’s his ticket to selling his digital artwork.
“This artist Beepull sold one of his NFTs for $69 million and that’s what really opened a lot of people’s eyes,” Pruz said.
The appeal of cryptocurrency is growing
Miami has become a hub for digital asset enthusiasts. Crypto consultant Danny Brownwolf told CBS News Miami that his journey into the world of crypto began while working in international politics in 2017.
At the time, the United Nations had launched a pilot project using the technology to track the distribution of humanitarian aid, and that piqued his interest.
“I was wondering what is this magical technology that they’re using to solve a real-world problem and I’ve been digging and going down the rabbit hole ever since,” Brownwolf said.
Fast transactions, without intermediaries
Brownwolf demonstrated how quickly she could send cryptocurrency using the X platform. Within moments, she sent $1 in cryptocurrency through the platform and it automatically opened a digital wallet containing the funds.
“Crypto can be said to be any asset represented in a digitally native way on the internet, which allows no intermediaries,” Brownwolf said.
Unlike traditional currencies regulated by central banks, cryptocurrencies are decentralized and operate on a technology called blockchain. This means that transactions are verified by a network of computers rather than a single entity.
New laws and growing mainstream use
Brownwolf recently guided startup advisor and investor Ethan Appleby through the process of getting into crypto at Lab Miami in Wynwood, a gathering place for tech pioneers and entrepreneurs.
“You are officially in chains,” Brownwolf exclaimed.
“Thank you so much. Amazing!” replied Appleby.
Recently, the GENIUS Law was signed into law, marking a significant milestone in the regulation of digital assets nationwide.
“This allows the U.S. dollar to be issued as crypto. So now you have, think about cash, it has the same properties as cash. It’s backed one by one either by an actual U.S. dollar or by U.S. bonds,” Brownwolf said.
Tips for Beginners
For beginners, Brownwolf recommends starting with platforms that are user-friendly for those new to cryptocurrency. Some of them include Robinhood, Coinbase, Gemini, and Kraken.
So how is your money protected from hackers?
“Once you have money in any type of digital form, then you need to protect your password, your access, and best practices like two-factor authentication,” Brownwolf said.
A steep learning curve
For Pruz, joining the crypto craze has been transformative. “I keep telling my friends you have to get into this business. You have to dive deep,” he said.
Pruz said it took him almost two years to really understand the process and start making significant profits. Brownwolf added that for everyday people deciding what to invest in, it’s important to “look for things that solve problems in the current sector you work in or in a field or industry you’re familiar with.”
