Post FTX: Bananas In The Bahamas

FTX’s spectacular implosion sent ripples which was felt by all through the cryptoverse, but has also hit the people of the Bahamas, where FTX was headquartered. According to a report in the WSJ, the island nation initially welcomed FTX with it’s lax and favorable crypto laws and eventually the locals became the supporting cast for FTX employees. Catering, security, transportation, event planning, logistics and many more services were required and the locals began taking up these jobs, creating a micro-economy revolving around the disgraced exchange. Now with the collapse, the once bustling area around FTX HQ is barren, with jobs disappearing right along with it, and locals are not happy. However, some of the crypto community are feeling zero sympathy with the nation, stating their pre-disposition to be a haven for those wanting to evade taxes “serves them right” for this situation they provided.

It is unfortunate for the locals, who are only trying to make a living in a third-world nation. Taking advantage in order to feed themselves and their families isn’t wrong. And although the FTX collapse is a direct cause of unemployment for those locals, there isn’t much recourse here. All they can do is start over, hoping another high-end business comes to town to reduce cost and taxes and, in turn, boosts their economy again.

Written by: nikethereum.eth / Medium / Mirror

Subscribe to nikethereum.eth
Receive the latest updates directly to your inbox.
Mint this entry as an NFT to add it to your collection.
This entry has been permanently stored onchain and signed by its creator.