• Tue. Jun 18th, 2024

Miami’s New Mayor To Invest 1% City Treasury In Bitcoin

Phillip Seefeldt

ByPhillip Seefeldt

Dec 30, 2020

The mainstream adoption of cryptocurrency is growing rapidly, with every new day come with either one new adoption or one old critic becoming a new believer. Analysts predict that at the current rate of adoption and hype, the Blockchain space will be ten times bigger by the end of 2021, with Bitcoin accounting for about 70% of the growth. Despite the whole interest in cryptocurrency, it is worth mentioning that Bitcoin- the most valuable cryptocurrency- is gaining massive attention.

The cryptocurrency, which had seen itself surpass record-breaking prices twice this month already, is in the news again for all the right reasons. The latest high-profile figure to praise Bitcoin is the Miami Mayor, Francis Suarez, who earlier labeled the cryptocurrency “a stable investment” in a relatively difficult and economically unstable year. In a recent tweet exchange, Francis has openly acknowledged that he is open to the idea of investing 1% of Miami’s treasury reserve in bitcoin.

Anthony Pompliano rally support for the Mayor

Suarez, who was elected the Mayor of Miami in Nov 2017 after running as a nonpartisan candidate, is a firm admirer of BTC. He claims he is still learning about the Volatile cryptocurrency. The Mayor, in his tweet exchange with bitcoin enthusiast and analyst, Pompliano, had made his pledge to commit Miami’s treasury to the cryptocurrency.

The delighted Pompliano, in a bid to garner support for the Mayor, asked his followers to retweet his tweet if they would move to Miami after the Mayor fulfill his pledge. However, many high profile figures and crypto enthusiasts, including Florida’s Chief Financial Officer, Jimmy Patronis, and Tron Foundation founder, Justin Sun, expressed their excitement at the Mayor’s pledge and hope that he leverages on his influence to further spread the gospel of bitcoin.

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Miami set to be the first state to commit its treasury into BTC

As things stand, there is no update on when the Mayor’s pledge will be implemented. Miami, the third most populated city, located in southeastern Florida of the United States, is already an economic powerhouse, serving as the financial and business capital of Latin America.

It is worthy to note that if the Mayor fulfills his pledge, Miami will be the first city to invest any percentage of its treasury reserve funds into cryptocurrency. The city continues to showcase its adoption of cryptocurrency by hosting the North American Bitcoin Conference, which was attended by famous crypto analysts like Charles Hoskinson, Roger Ver, and Riccardo Sagni in the early part of the year.

Bitcoin continues to gain acceptance

The rapid growth of BTC this year has been fuelled in part by corporate and institutional adoption of the digital asset, as the case with Miami and its Mayor. Bitcoin adoption is increasingly viewed as a competitive advantage in an economy devoid of financial instability, asset-price inflation, and fiat currency depreciation.

The influx of investors and traders into BTC has been fuelled by the devaluation of many fiat currencies like the USD and Euros. Bitcoin, which is already aiming for an all-time high of $30,000, currently trades at $27,882 as at the time of writing.

Phillip Seefeldt

Phillip Seefeldt

Phillip Seefeldt is a skilled and perceptive news writer known for his comprehensive analysis and engaging writing style. With a commitment to accuracy and a deep understanding of current affairs, his articles provide readers with insightful perspectives and thought-provoking insights.

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