Miami Mayor Keen to Invest City’s Treasury Reserves in Bitcoin

Key Takeaways

Mayor Suarez is contemplating placing among the metropolis’s treasury reserves into bitcoin.
He desires to diversify town’s funding portfolio by investing in Bitcoin.
The transfer would flip Miami into one of the crypto-forward metropolis within the nation, based on him.

Miami Mayor Francis Suarez is contemplating allocating a portion of town’s treasury reserves into Bitcoin. He desires to show Miami into the nation’s friendliest crypto metropolis.

Miami Mayor Warms to Bitcoin

In an interview with Fox Enterprise, the mayor of Miami, Francis Suarez, stated, “if I might have [bought Bitcoin] final yr, I might have made 200 plus %. I might have regarded like a genius.” He believes that as Bitcoin turns into extra mainstream and attributable to its restricted provide, the worth of BTC, the main cryptocurrency on this planet by market capitalization, will solely go up.

The mayor added that he’s exploring learn how to let Miami residents pay their native taxes and charges in Bitcoin. The transfer would flip Miami into “essentially the most crypto-forward and technological cities within the nation,” he stated.

Suarez is seeking to jurisdictions which have made the same transfer, together with Wyoming, a state which has change into one thing of a crypto haven for blockchain companies. It’s already residence to Kraken’s crypto financial institution in addition to Avanti’s offering.

Equally, the mayor of Miami desires to entice bigger expertise corporations to maneuver to town, and in flip, he hopes that they’ll create high-paying jobs for residents.

Not too long ago, each Bitcoin and the Equities market witnessed a surge of their respective costs. This was in anticipation of President-elect Joe Biden’s $1.9 trillion stimulus guarantees.

On Jan. 12, 2021, the mayor met Gemini’s Winklevoss Twins to debate Bitcoin, cryptocurrencies, and the opportunity of Gemini opening up a LATAM Headquarter in Miami.

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