Miami To Issue Free Bitcoin To Residents, But What Exactly Is The Ultimate Plan?

Published by
Miami To Issue Free Bitcoin To Residents, But What Exactly Is The Ultimate Plan?

Mayor of Miami Francis Suarez has again raised the bars regarding which city in the U.S. is going to become the country’s crypto hub.

Advertisement

As U.S Cities Race To Become The Country’s Crypto Hub

Earlier today, Suarez made an announcement on CoinDesk TV saying that the city would be staking a large portion of its native cryptocurrency, the MiamiCoin, in order to earn yield in Bitcoin. The interesting part is that he also said Miami will be giving out the free Bitcoin yield to its residents, thereby making it the first American city to do so.

Before now, only holders of MiamiCoin had the privilege of earning any kind of crypto return ( either STX — the native crypto for the Stacks protocol on which MiamiCoin is built, or Bitcoin. But now, going by today’s announcement, residents can now earn free BTC regardless of whether they hold MiamiCoin or not.

Advertisement

Miami Leading The Charge Among Crypto-friendly Cities In The U.S.

MiamiCoin has generated no less than $21 million in revenue for Miami ever since its launch on August 3, 2021, according to Suarez. The coin offers residents the unique opportunity to invest in various projects and infrastructure for the city. Although all funds received in exchange for the crypto have always been diverted to the city’s treasury, but now, the city is ready to give back free Bitcoin to its residents, directly from the yield.

Meanwhile, other American cities like New York City and Austin are closely following in the steps of Miami with similar ventures. Recall that newly elected New York Mayor Eric Adams announced 2 days ago, that the city is also getting its own coin.

CityCoins is the crypto project that is providing the technical backing for these projects. CityCoins is built on Stacks, another protocol that allows for smart contracts on the Bitcoin network.

The Ultimate Plan Is Bitcoin Adoption

During the announcement, Mayor Suarez did express his reservations about the challenges posed by this project. He claims that firstly, determining who gets a digital wallet could be a problem as he wasn’t sure if it will be only those who voted in the city, or taxpayers and citizens with a verifiable address that would get the wallet. Of course, these are legitimate concerns if fraudsters looking to just move to Miami for the sake of getting free Bitcoin, are to be stopped in their tracks.

For now, there’s no word regarding which exchanges are in the running to service the project, but according to Suarez, the ultimate goal of the project is to get Bitcoin into the hands of more and more people, even as he hopes to increase the utility of Bitcoin.

Advertisement

Share
Mayowa Adebajo

Mayowa Adebajo is a fintech enthusiast with a decade-long experience writing news stories and creating content generally. When he's not writing, he's either talking politics or discussing sports.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • Cryptocurrency Exchange Reviews

ChangeNOW’s Quiet Power Play in Helping Crypto Businesses

When most people think of crypto platforms, their minds jump to consumer-facing exchanges with bold…

October 3, 2025
  • Bitcoin News

Standard Chartered Sees Bitcoin Soaring to $200,000 by Year-End on ETF Boom

Standard Chartered believes Bitcoin (BTC) could reach a record high by the end of 2025.…

October 3, 2025
  • Bitcoin News

Walmart’s OnePay App to add Bitcoin and Ethereum trading

Walmart's OnePay App is the latest company to jump on the crypto wave, with plans…

October 3, 2025
  • 24/7 Cryptocurrency News

Tech Giant Samsung Taps Coinbase To Provide Crypto Access, Driving Adoption

Tech giant Samsung has partnered with Coinbase to offer crypto services to its 75 million…

October 3, 2025
  • 24/7 Cryptocurrency News

Bitget Joins UNICEF Game Jam To Train 300,000 Youths In Blockchain

Bitget has announced support for UNICEF’s first global Game Jam, a 40-day virtual hackathon across…

October 3, 2025
  • Bitcoin News

Crypto Market Rally: BTC, BNB, SOL, XRP, ETH Surge Amid Q4 Momentum

The crypto market is seeing renewed bullish momentum to begin the fourth quarter of this…

October 3, 2025