As economic uncertainty pushes many to seek new ways to grow 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.
Miami illustrator and muralist Marlon Pruz told CBS News Miami he has struck gold in the crypto world by selling what’s known as NFTs, or non-fungible tokens. An NFT is a digital asset that signifies ownership of a digital item. For Pruz, it’s his ticket to sell his digital art pieces.
“This artist Beepull sold one of his NFTs for $69 million and that’s what really opened up a lot of people’s eyes,” said Pruz.
Miami has emerged as a hub for digital asset enthusiasts. Crypto consultant Danny Brownwolf told CBS News Miami her journey into the crypto world began while working in international policy back in 2017.
At the time, the United Nations launched a pilot project using the technology to track humanitarian aid distribution, and it captivated her interest.
“I was like, what is this magical technology they are using to solve a real-world problem and I dug in and I just went down the rabbit hole ever since,” said Brownwolf.
Brownwolf demonstrated just how swiftly she could send cryptocurrency using the platform X. In mere moments, she sent $1 in cryptocurrency through the platform and it automatically opened a digital wallet containing the funds.
“You can say that crypto is any asset represented in a digital way native to the internet, that allows for no middleman,” said Brownwolf.
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.
Brownwolf recently guided start-up advisor and investor Ethan Appleby through the crypto onboarding process at the Lab Miami in Wynwood, a gathering place for tech pioneers and entrepreneurs.
Recently, the GENIUS Act was signed into law, marking a significant milestone in the regulation of digital assets nationwide.
“It allows for the U.S. dollar to be issued as a crypto. So, now you have, think of cash, it has the same properties of cash. It’s backed one-to-one either by a real U.S. dollar or by U.S. bonds,” said Brownwolf.
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,” said Brownwolf.
For Pruz, joining the crypto craze has been transformative. “I keep telling my friends you need to get into this. You need to take the deep dive,” he said.
Pruz said it took him nearly two years to truly grasp the process and start seeing 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 industry you work in or in a field or industry that you are knowledgeable about.”
