Miami mayor mulls over diversifying city’s reserve to Bitcoin

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TL;DR Breakdown: Miami mayor is considering investing the city’s funds in Bitcoin. This comes as part of the plan to make Miami a crypto-friendly territory. The first Miami-born mayor, Francis Suarez, is optimistic about the largest cryptocurrency, Bitcoin (BTC), and he’s looking to make the city a Bitcoin-friendly region. During an interview with FOX Business … Read more

TL;DR Breakdown:

  • Miami mayor is considering investing the city’s funds in Bitcoin.
  • This comes as part of the plan to make Miami a crypto-friendly territory.

The first Miami-born mayor, Francis Suarez, is optimistic about the largest cryptocurrency, Bitcoin (BTC), and he’s looking to make the city a Bitcoin-friendly region. During an interview with FOX Business on Thursday, the politician revealed that he’s considering allocating some of the city’s treasury reserve to the cryptocurrency. Following Suarez’s statement, he sees the potential to generate sizable revenue for the city by allocating funds to the cryptocurrency as an investment.

Miami mayor eyes Bitcoin for diversification

The Miami mayor disclosed that the city’s government is looking to adopt and introduce a regulatory framework for Bitcoin as they prepare to make it a crypto-friendly territory. “We want to be one of the most crypto-forward and technological cities in the country,” Suarez said. He further mentioned several ways to achieve this, which include allowing the residents to transact cryptocurrencies easily and also paying fees and taxes using Bitcoin.

Suarez also narrated how the city missed out from bagging over 200 percent return if they had invested in leading crypto last year. “If I would have done it last year, I would have made 200 plus percent […] So I would have looked like a genius”. So, the city is now looking to diversify its investment portfolio to Bitcoin, with the Miami mayor adding that the digital currency is an attractive asset for investment.

With more awareness and mainstream adoption, Suarez predicted that Bitcoin would skyrocket in price in the future. “It’s only going to go up,” the mayor added.

Bitcoin keeps gaining attention

Bitcoin got itself a free advertisement when it spiked from below $20,000 to over $40,000 in less than one month, as several mainstream media covered its historical data. At the time of writing, the cryptocurrency was trading at $38,521 on Coinmarketcap, with a 24-hour price change of 0.71 percent. The leading cryptocurrency now has a market capitalization of  $716.5 billion.

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