Miami’s mayor got crypto rich while his voters got candy crushed

Plus: The "motherhood penalty," the bankruptcy bandwagon and more. [Bloomberg]( This is Bloomberg Opinion Today, a $235,000 boat full of Bloomberg Opinion’s opinions. [Sign up here](. Today’s Agenda - [Crypto’s cool-down]( needs more caution. - [Motherhood]( shouldn’t mean less money. - All aboard the [bankruptcy bandwagon](. - [Malaysia’s economy]( is booming, sorta. The Bitcoin Mayor Bullish Photographer: Miami Herald/Tribune News Service Miami’s mayor, Francis Suarez, seems to have more extracurricular activities than the average high schooler: He’s a real estate lawyer, a private equity executive and the proud owner of a $235,000 boat. He spends his time unveiling [laser-eyed bulls](, campaigning for [president]( and [running 5Ks](. And he’s making [a lot of money]( while doing it all: “Despite last year’s market rout, the 45-year-old Republican’s net worth [more than doubled]( to $3.5 million,” Michael Smith writes for Bloomberg News. But Suarez’s side-gig success story stands in sharp contrast to the reality of his favorite digital currency, Bitcoin: The mayor has worked hard to make [Miami fall in love with crypto](, enticing companies to bring their loud promotional campaigns and influencers to the city. But the trouble is, Lionel Laurent writes, these types of advertisements have made trading crypto online “[as fun and addictive as a game of Candy Crush](.” It isn’t all fun and games for people who lose their life savings on what Charles Randell, former chairman of the UK Financial Conduct Authority, says is a “one-click endorphin loop.” Since Suarez became mayor, the speculative frenzy around crypto has turned on its head. Consider the now-collapsed crypto exchange FTX, which once had [a naming rights deal]( with Miami-Dade County that allowed the its name to adorn the arena where the NBA's Miami Heat play. Now, FTX founder Sam Bankman-Fried — and the cryptocurrency empire he built — are the [subjects of sprawling fraud and money-laundering probes](, Tim O'Brien writes. “The web of influence that FTX had was so expansive, you saw other companies crumble … the industry was just totally reeling,” Hannah Miller told Tim on [the latest episode]( of Crash Course. Although the crypto chaos has cooled down, there’s still room for some added guardrails. For instance, having a “Pay Now” button on crypto sites is far too enticing for a lot of users, Lionel argues. The US would be wise to copy the UK, which, starting in October, has a new a 24-hour delay rule for first-time crypto buyers. Just because the mayor of Miami is still cashing in on virtual currencies doesn’t mean his [constituents]( should be encouraged to make the same risky bets. Parenthood I'm not a mom, but I now have something new to worry about if I become one: making less money. Sarah Green Carmichael says “American mothers typically earn less than childless women, while fathers earn just as much as childless men,” which is frequently referred to as the “motherhood penalty.” Instead of telling you straight-up why this penalty persists, I’d like to give you a little pop quiz, for fun. On average, mothers experience a relative drop of about 51% compared with their pre-child earnings because... - They switch to smaller or lower-paying firms that offer more flexible schedules. - Households prioritize the higher-earning partner’s career — which, in opposite-sex partnerships tends to be the father. - The US is the world’s only wealthy country not to guarantee paid maternity leave. - Employers see mothers as less committed and less competent. If you guessed 4, ding ding ding! Pat yourself on the back. Modern society assumes that the mom is the [Snacklebox CEO]( by default — and that the dad, when he’s parenting, is merely “babysitting” or “helping,” Sarah writes. Combating bias against moms in the workplace requires a change in culture, getting both mothers and fathers to see parenting as a joint venture. In Scandinavia, the penalty isn’t nearly as pervasive because “when you visit a playground in Sweden, there are as many fathers there as mothers,” Douglas Almond writes in [a new study](. It doesn’t take a visit to Central Park to know that that’s not the case in New York City. Read the [whole thing](. Telltale Charts It’s not just [Manhattan’s Margaritaville](: A lot of companies are going bankrupt these days. Corporate insolvencies in the [first six months]( of 2023 were the highest since 2010 in the US, Chris Bryant writes, and [the picture is just as bleak around the world](. From [England]( to [Japan](, bankruptcies are aplenty. Normally, we’d see a worrying spike like this if a recession was already underway, but the labor market remains surprisingly resilient. Chris says one theory for the pileup is that “generous government financial aid programs in the pandemic and a relaxation of the rules for when companies must file for bankruptcy [led to an unusual hiatusÂ](in corporate failures in 2020-2021.” Malaysia has spent several decades in the waiting room to become a [high-income economy](. And in 2028, the country is expected to finally join the World Bank’s elite party. But Daniel Moss says “[the nation can’t rest on its laurels](, assuming it goes the distance,” noting how the country “isn’t exactly sprinting across the finish line.” It is burdened with a population that’s aging at about the same pace at which Japan “lost its youthful vigor,” he writes. Even with a high-income superstar status, [many obstacles remain]( before Malaysia can achieve true greatness. Further Reading New York desperately needs more housing, and [this is the place]( that can provide it. — Bloomberg’s editorial board Worried about Nvidia, Apple and Meta? [Nasdaq’s got your back](. — Jonathan Levin [Ukraine's cultural legacy]( is vulnerable, and Russia has already done too much damage. — Howard Chua-Eoan There will be a lot more [LGBTQ+ lawsuits]( in the Supreme Court’s future. — Noah Feldman America needs [a federal agency]( to help fill climate-related data gaps. — Lilith Fellowes-Granda [Harassing Good Samaritans](? Yeah, that’s pretty on brand for the GOP. — Francis Wilkinson The worst is over for the UK’s largest [provider of water](. What nightmare is next? — Matthew Brooker ICYMI Microsoft is allowed to [buy Activision](. People are [skimping]( on toothpaste. Britney Spears is coming out with [a memoir](. Bud Light is in [14th place](. Kickers Your golden ticket to watch [the Wonka trailer](. [Fishing shirts]( are fashionable now? Do you need to [tip for coffee](? Ticks can [fly](, oh my! (h/t Mark Gongloff) Notes: Please send fishing shirts and feedback to Jessica Karl at jkarl9@bloomberg.net. 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