Mayor Francis Suarez stated that he’s working on a city resolution that will bring Bitcoin to Miami’s balance sheet.
The cryptocurrency market swells after Tesla’s Bitcoin investment, Miami Mayor Francis Suarez has proposed that he wants to move forward on investing some city funds in Bitcoin.
Commenting about the news of Tesla’s $1.5 billion Bitcoin buy, influencer Anthony Pompliano wrote that “the race is on to see what municipality is going to be the first to put Bitcoin on their balance sheet,” then tagged Suarez, who has spent the last few weeks plugging crypto on Twitter.
If the resolution gains any traction on Thursday, it’s a significant gesture from a politician who rapidly became one of the most viable crypto boosters in the country. He has promised to turn Miami into some kind of crypto mecca, hosted meetings with the Winklevoss twins and Bitcoin mining executives, and bragged on more than once about having lunch with Peter Thiel.
Aside from that, Suarez also hired the city’s first-ever Chief Technology Officer and stated he’d like to interview another cryptocurrency advocate Paris Hilton.
Bitcoin is a massively volatile asset: white its proponents are very much all-in on the promise of long-term viability, some major financial institutions continue to steer clear. Microstrategy and Square, led by Michael Saylor and Jack Dorsey consecutively, have been leading the Bitcoin charge among the public-traded companies; while Tesla’s endorsement earlier today might not change the minds of the big banks, and it is part of a small but growing trend among dominating tech companies.
The results of this move in the city government – and whether Suarez’s constituents are as bullish as he is – is still a blur.
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