Miami Mayor: City crypto adoption ‘not a failure’

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Miami Mayor: City crypto adoption 'not a failure'

According to a recent Bloomberg report, Suarez’s proposal to invest city funds in Bitcoin “faltered” in front of the city commission. 

CRYPTO’S 2022 OUTLOOK AFTER BREAKTHROUGH 2021

Mayor Francis Suarez discusses Miami’s push to become the next tech hub on ‘FOX Business Tonight.’

The mayor detailed how the city has also already paid employees in Bitcoin, he pointed out, and is considering accepting crypto payment for taxes and fees.

Story Highlights

  • Miami Mayor Francis Suarez shut down false claims on “Varney & Co.” Thursday that the city’s adoption of cryptocurrency has already failed.

  • In response, Suarez explained that none of the city’s efforts have failed, including MiamiCoin’s generation of $26 million that will contribute to a Bitcoin yield for resident distribution.

“That doesn’t seem to be very accurate to me,” he said. “We knew that investing in Bitcoin as part of our Treasury was something that would require changes in the law. Those changes haven’t happened… and they’re not city changes that have to happen. Those are state and federal potential changes.” 

“So until those changes happen, that’s not even possible,” he said. “So it’s certainly not a failure.”

GET FOX BUSINESS ON THE GO BY CLICKING HERE Miami’s residents should be expecting payment in Bitcoin in the first quarter of 2022. Suarez explained that the dividend yield being distributed will be based on the city’s return on investment from MiamiCoin.

“That will be distributed to every single Miamian that is verified that gets a digital wallet,” he said. “It will be government innovation actually yielding a benefit to our residents. It’s going to be something incredible.” CLICK HERE TO READ MORE ON FOX BUSINESS