If there has been one thing that has dictated the past decade and has taken the world by storm, it has been cryptocurrencies. Over the years they have managed to become increasingly popular, overshadowing a variety of other financial markets. Suddenly, cryptocurrencies were dominating stocks and fore trading, as more and more investors start to move to digital currencies. In the long run, even people who have had their reservations about cryptocurrencies eventually turned back and started investing as well.
In fact, cryptocurrencies have become so popular that even countries and cities have started taking an interest in it. And while a lot of countries were starting their own CBDC, there were also cities that started their own city crypto. And no one brought the conversation surrounding city crypto to the fore front than Miami mayor Suarez.
Suarez has been a long time supporter of cryptocurrencies, touting as the way forward for the world. He was also one of the first mayors in the US to not only accept cryptocurrencies, but was even willing to go far enough to take his first paycheck in crypto. And in recent months, he is making an effort to transform Miami city into a proper hub for cryptocurrencies.
His promises to start working on city crypto started a friendly rivalry with New York mayor elect Eric Adams. Eric Adams recently made promises about cryptocurrencies as well, going toe to toe with the Miami Mayor. If Miami Mayor Suarez said that he will take his first paycheck in cryptocurrencies, Eric Adams hit back by saying that he is willing to take his first three paychecks in cryptocurrencies. The constant back and forth between both mayors is both fun and is proving to be inspiring to other city leaders.
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Mayor Suarez has even taken things a step further in his journey to make the Miami the crypto hub of the future; he is now looking to give citizens a cut of the crypto Bitcoin yield that will come as a result of the crypto yield.
City tokens work very similarly to regular tokens, in that it will make money when people invest or mine the token. And when they mine the token, profits generated from it go to both the company handling the software and the government itself.
Mayor Suarez is looking to give citizens in Miami a cut of the yield that it manages to make in good faith. This is a good gesture for people looking to make investments in crypto, as they will be able to make some of their money back after investing in the city token.