Miami Mayor Francis Suarez is exploring the possibility of putting a percentage of his city’s treasury reserves in bitcoins. Miami is currently working to accept cryptocurrency as a means of paying city services and taxes. The mayor believes that “Bitcoin has been a stable investment for an incredibly unstable year”.
Miami may invest part of the city’s Treasury reserves in Bitcoin
Francis Suarez, the mayor of the American city of Miami, Florida, has been arguing with the cryptographic community about putting a small percentage of the city’s treasury reserves in bitcoin. The first Miami-born mayor, Suarez previously served as Miami Commissioner for District 4 for eight years.
A future Miami resident is Morgan Creek Digital partner Anthony Pompliano, who has been discussing what bitcoin can do for Miami and why Suarez should put 1% of the city’s treasury reserves in the cryptocurrency.
Pompliano tweeted on Tuesday: “Retweet if you move to Miami if Mayor Francis Suarez places 1% of the city’s treasury reserves in bitcoin.” Suarez replied:
Definitely open to explore it.
Twitter identifier Danny, Hodler, joined the conversation, saying “it is not without precedent”. He stated that Wyoming’s elected pro-bitcoin senator, Cynthia Lummis, “did this to the Wyoming treasury long before anyone even thought about the idea.” Suarez replied: “I will check what they did”.
Lummis is a bitcoin hodler who said “Bitcoin has shown me great promise and can grow as a viable alternative for storing value to the US dollar, both institutionally and personally” She promised to ensure that Congress understands that bitcoin is a huge store of value.
Suarez recently tweeted:
Bitcoin has been a stable investment for an incredibly shaky year.
The mayor of Miami has also discussed “being able to use bitcoin and other crypto to pay property taxes and city taxes,” he revealed on December 22. Responding to a tweet on Tuesday about Miami accepting BTC as a means of payment for city services, he confirmed:
We will definitely work on that in 2021.
Do you think Miami should put a percentage of its treasury reserves in bitcoin? Let us know in the comments section below.
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