Miami Mayor Says Exploring Legislation to Invest City treasury in Bitcoin and Pay Salary in Bitcoin

The city of Miami is on course to become the first city to put its treasury in Bitcoin and pay state employee salary in Bitcoin as Mayor Francis Suarez revealed that they are exploring legislation to put Bitcoin on the city’s treasury balance sheet.
Exploring:
• State legislative priority
• Paying employees in Bitcoin
• Investing City treasury in BitcoinWe got it done ✅ pic.twitter.com/88laGvVbEG
— Mayor Francis Suarez (@FrancisSuarez) February 12, 2021
The resolution to check legislative feasibility of Bitcoin would explore collecting city taxes in Bitcoin and paying municipal workers in Bitcoin. However, it is important to note that even though commission approved Mayor’s resolution, it toned down the wordings to only study the feasibility at this point and n not pass any law based on it.
Miami Mayor in his address to the state council expressed the growing importance of Bitcoin and crypto industry in general and said,
“I think we’re on the cusp of seeing a major titanic shift on this, It’s an industry that’s boisterous, vociferous and growing, and this would send the right signal.”
Miami Mayor is a Big Bitcoin Advocate
Mayor Francis has been quite vocal about Bitcoin being the future of finance and was often seen engaging with top crypto personalities on Twitter discussing Bitcoin. He had even discussed putting a portion of city’s treasury into Bitcoin, however the possibility of that looks quite grim at present given Florida’s strict policies about investing surpluses funds.
Miami Mayor’s proposal within the same week when Bitcoin adoption seems to have reached a major milestone as this week saw Tesla make $1.5 billion Bitcoin purchase, while America’s oldest custody bank BNY announced they would offer Bitcoin and crypto custody service and Mastercard announced it would start offering crypto payment service this year.
This week in Crypto:
1. Tesla invests $1.5B in #Bitcoin
2. New #Bitcoin ATH
3. St. Louis Fed tweets DeFi paper
4. Miami Mayor to add BTC to BS
5. BNY Mellon to custody #Bitcoin
6. Mastercard to allow merchants to accept crypto
7. PayPal adding crypto to Venmo in first half????/
— Ty Young (@YoungCryptoPM) February 11, 2021
Andrew Yang Promises to Make New York the Bitcoin Hub if Elected as Mayor
Andrew Yang, the Democratic former Presidential candidate now running for the Mayor of New York city is a known Bitcoin and crypto proponent. He advocated for crypto friendly legislation during his Presidential run and has a similar proposition for New York.
As mayor of NYC – the world’s financial capital – I would invest in making the city a hub for BTC and other cryptocurrencies.
— Andrew Yang???????????????? (@AndrewYang) February 11, 2021
The growing demand for Bitcoin by institutions as well as retail could help top cryptocurrency go mainstream in the near future.
- Breaking: Trump Pardons Binance’s Changpeng “CZ” Zhao, BNB Spikes
- Peter Schiff Challenges Binance Founder CZ to Debate as Bitcoin Vs. Gold Rivalry Heats Up
- Robinhood Lists HYPE As Hyperliquid Flips CZ Backed Aster In Perp DEX Volume
- Expert Warns More Crypto Bloodbath Ahead of CPI Data Tomorrow
- US President Promises Deal With China on Everything As ‘Trump Insider’ Begins To Close Bitcoin Shorts- Is A BTC Recovery Ahead?
- Dogecoin Price Crash Looms as Flag, Death Cross, Falling DOGE ETF Inflows Coincide
- Solana Price Eyes $250 as Osprey’s S-1 Filing and Hong Kong’s ETF Launch Fuel Reversal Hopes
- Ethereum Price Poised for Breakout as Wyckoff Re-Accumulation Meets BlackRock’s $110M Purchase
- BNB Price Prediction as Analysts Eye $1500 Ahead of Fresh Coinbase and Robinhood Listings
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK