Mayor Francis Suarez of Miami is exploring putting a percentage of his city’s treasury reserves in Bitcoin. Miami is now working on accepting the cryptocurrency as a means of payment for city services and taxes. The mayor considers that “Bitcoin has been a stable investment during an incredibly unstable year.”
Miami will Invest in Bitcoin.
Mayor Suarez has been discussing with the crypto community about putting a small percentage of the city’s treasury reserves in Bitcoin. Suarez formerly served as Miami Commissioner for District 4 for eight years.
Anthony Pompliano, a Morgan Creek Digital partner, discusses what bitcoin can do for Miami and why Suarez should put 1% of the city’s treasury reserves in the cryptocurrency.
On Tuesday, Pompliano tweeted: “Retweet this if you would move to Miami if Mayor Francis Suarez put 1% of the city’s treasury reserves in bitcoin.”
Suarez replied: “Definitely open to exploring it.”
Danny the Hodler butted in, claiming that “It’s not unprecedented.” He argued that Cynthia Lummis, the pro-bitcoin Senator-elect from Wyoming, “has done that with Wyoming’s treasury way before anyone else even thought of the idea.” Suarez replied, “Will look into what they did.”
Lummis is a bitcoin hodler who stated, “Bitcoin to me has shown great promise and may rise as a viable alternative store of value to the U.S. dollar both on the institutional level and the personal level.” She promised to ensure that Congress accepts that bitcoin is an excellent store of value.
Suarez recently tweeted: “Bitcoin has been a stable investment during an incredibly unstable year.”
The Miami Mayor also discussed “ being able to use bitcoin and other cryptos to pay property taxes and city fees,” he announced on Dec. 22. Answering a tweet last Tuesday about Miami accepting BTC as a mode of payment for the city’s services, he settled:
“We are definitely going to be working on that in 2021.”
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