Bitcoin is gradually entering the mainstream fully and might displace physical cash in a matter of years. Despite the potential that the assets offer, some have chosen to overlook it and look at the negative aspects and influence of the economy’s assets. While others choose to look at the negative side, others are looking at the positive side.
One person like that is the Mayor of Miami, who has mentioned a new update in the city using digital assets. In a recent statement by the Mayor of the city, Francis Suarez, he mentioned that the city would be ardently backing the leading digital asset, Bitcoin, as the federal reserves continue to look into whether it should buy the assets or not.
The Mayor of Miami wants workers to receive their salaries in Bitcoin
In his statement, the Mayor mentioned that he was grateful that the city’s commissioners have followed in his steps and are supporting him. The Mayor previously said that he believed that public workers in the city would receive a part of their Bitcoin payments if they wish to do so, something that the commissioners have backed up.
He noted that if most of the city workers receive their salaries in Bitcoin, they would have to use Bitcoin to offset their bills, which means that the city can also receive their taxes using Bitcoin. “We are hoping here that Bitcoin warms its ways into the hearts of everyone, which will make the digital asset acceptable by all in the coming years.
It is good to be a crypto supporting city in Miami and allow citizens to invest in the digital asset of their choice. The comments came in when Bitcoin was having a swell time in the crypto market, and so many crypto enthusiasts were positive about the Mayor’s plans.
Bitcoin records a $1 trillion market cap
Reacting to the update, seasoned crypto analyst Anthony Pompliano has noted that it is a good development for the growth of the city’s economy and adoption of Bitcoin. Furthermore, Pompliano noted that the country needs to look into national security as it goes to adopt the digital asset. He also mentioned that should the United States be interested in leading other countries on the global stage, then they would need to show their unbridled support for the digital asset.
While others have been arguing about the benefits of the digital asset to the economy, Bitcoin has recorded a milestone figure in its market cap. The digital asset previously touched the $49,000 price mark after Tesla bought $1.5 billion worth of the asset but has since corrected to trade at $47,000. Presently, the digital asset will be trying to break above the next resistance around $50,000, which has been touted as the next psychological barrier. However, Bitcoin would not have its dominance extended as Ethereum is gradually making its way to the top of the pile in the market.