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Miami’s mayor wants to invest city money in Bitcoin to attract more tech businesses

Mayor Suarez also intends to finance his reelection campaign in Bitcoin.

bitcoin cryptocurrency on table
Image: Unsplash

Francis Suarez, the Mayor of Miami, has always been a supporter of Bitcoin and cryptocurrencies, but now, it seems that he is taking a bold step toward turning his words into reality to attract tech businesses to Miami.

In an interview with Forbes, Mayor Francis Suarez said that Bitcoin would be the “biggest story of the next few years.”

Some of the concrete steps that he plans to undertake for expanding Miami’s Bitcoin-friendly appeal include:

  • City employees may choose to receive their salaries in BTC
  • Citizens of Miami will be able to pay their local taxes and fees in Bitcoin or some other cryptocurrency
  • The city of Miami will place some of its treasury into BTC

By doing so, Miami will be one of the first major cities in the US, and the world, to place some of its city’s treasury in cryptocurrency of any kind. By doing so, Miami will send a strong message to the tech world and reinstate itself as the main hub for crypto in America. 

There is no official word on how much of the city’s funds will be allocated to Bitcoin. However, there is a blueprint on how the Mayor wants all that to be structured. Mayor Suarez wants the city to enter a public-private partnership. In this partnership, private investors will be the first ones to get the initial profits. That way, there is a guaranteed return to them. By doing this, the city wants to make its offer more appealing to outside investors that are crucial to this endeavor. 

Throughout 2020, Suarez has courted the crypto industry as part of his larger initiative to draw technology firms and startups to Miami. Miami’s strongest draw is a favorable climate, plenty of sunshine, warm water, and low taxes. Then there is Miami’s newly found affection for cryptocurrencies on top of all that.

Mayor Suarez’s love affair with Bitcoin doesn’t stop with his efforts as a mayor. He also intends to finance his reelection campaign in Bitcoin. By doing so, he becomes one of the few politicians that raised funds in cryptocurrency.

Beyond that, he reached out to jurisdictions and states that have made tremendous efforts to adopt cryptocurrencies. To that end, Mayor Suarez has reached out to Caitlin Long of Wyoming, an outspoken Bitcoin advocate, and Jimmy Patronis, the Chief Financial Officer of Florida. The Mayor aims to bring Bitcoin regulations similar to those in Wyoming to the state of Florida.

Have any thoughts on this? Do you think it is a good idea? Let us know down below in the comments or carry the discussion over to our Twitter or Facebook.

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