NewsletterBreaking: Miami Mayor Reveals Plan to Pay City Employees in Bitcoin ($BTC)
Miami city mayor Francis X. Suarez is a well-known known Bitcoin proponent who has been working towards making Miami a crypto hub in the US. Somewhere in the first quarter of 2021, Suarez has said that the city is planning to pay government employees their payment in Bitcoin and also allow citizens to pay city taxes in $BTC. At the time many claimed the idea was far fetched as city treasury doesn’t fall under the direct control of the Mayor. However, Mayor Suarez recently revealed that the city will issue a request for proposal to make that possible later this month.
“I want us to differentiate ourselves as a crypto capital of the United States or of the world,”
In February this year, Suarez led Miami also introduced a proposal for the city to be able to invest in Bitcoin, but Florida statutes limitations don’t allow local governments to hold such volatile asset. Suarez explained,
“If we would’ve been able to hold it from the moment that I put the resolution on our agenda, it’d be up by 30 or 40 percent, so I would’ve looked like a genius back then,” he said. “But that’s the way it works.
Miami is Already Mining its Own Cryptocurrency
Current Florida Statures might have prevented Miami from directly investing in Bitcoin, but Suarez found a way around it as well with Miami Coin. Miami coin is the first native crypto asset of a city, it is based on Bitcoin and the funds generated from mining the token would be utilized towards the development of the city. Within two months of launch, Miami coin has already added $10 million to the city’s treasury.
Mayor Suarez in the past has also revealed plans to make Miami a clean Bitcoin mining hub as Florida is already leading the charge in terms of growing popularity of Bitcoin mining in the State.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Operation Choke Point: House Republicans Spotlight Biden Administration’s ‘Attack on Crypto’
- Polymarket Rival Kalshi Moves On-Chain With Launch of Tokenized Prediction Markets on Solana
- Tom Lee Says Bitcoin Could Hit New ATH In January As Hassett Becomes Favorite For Fed Chair
- 8 Best Crypto Exchanges That Accept PayPal Deposits and Withdrawals
- Jerome Powell Speech Today: What To Expect as Fed Ends QT
- XRP Price Prediction as Ripple Gets MAS Licence in Singapore
- Ethereum Price Crashes Below $3,000 as $500M Longs Liquidated: What’s Next?
- Pi Network Price Prediction Ahead of December’s 190M Scheduled Unlock
- Dogecoin Price Below $0.15 as Crypto Market Crashes: Will $0.10 Hold?
- Will the Binance Coin Price Rebound as a Key RWA Metric Jumps 99%
- AVAX Price Prediction After Bitwise Files for a Staking ETF — A Rebound Coming?
