Miami Florida’s Mayor May Soon Be Investing 1% of City’s Reserves Into Bitcoin

Miami Florida’s Mayor May Soon Be Investing 1% of City’s Reserves Into Bitcoin

Francis Suarez, serving Mayor of Miami, wishes to invest a portion of the city’s funds into Bitcoin. Says that he is currently looking at the possibility of integrating cryptocurrencies into taxes and services prevailing in the city. Believes that Bitcoin has shown stability during apparently unstable times in 2020.

 Francis Saurez who is publicly a quite popular Mayor of Miami, Florida had held several meetings with the crypto industry. It was informed that the city’s Mayor had grown a wish to invest some of the city’s funds kept into Bitcoin. It was revealed that Saurez had come to believe that Bitcoin is a great source of storing funds. This is why he wanted to use Miami’s funds lying in the reserve for putting them as investments in Bitcoin.

Saurez had also reportedly said that Bitcoin showed immense stability when the times were apparently unstable in the year 2020.

Saurez had been the Mayor of the city who earned the title of becoming the first Miami-born Mayor. Before becoming a Mayor, Saurez had served the Office of District 4 Commissioner of Miami for about 8 years. He had been one of those Mayors who had been highly praised and cherished amongst the locals.

Morgan Creek Digital’s Partner, Anthony Pompliano, who is expected to settle in Miami soon, also shared his viewpoint regarding Mayor’s wish. Pompliano advised the Mayor in a tweet message to invest approximately 1% of the city’s reserve into Bitcoin’s treasury.

In response to Pompliano’s tweet, famous Bitcoin holder, Danny retweeted that Miami’s investing into Bicoin could be possible. He referred to Cynthia Lummis, who had recently been elected as the Senator for Wyoming. He told that the first thing Lummis had done was to put in some of Wyoming’s reserves into Bitcoin. In response, Saurez responded that he would very much look into what Lummis had done and how.

Lummis recently had become a member of US Senate for Wyoming District and had been a known investor of Bitcoin. When she joined the Senate, she stated that she would ensure that her colleagues had been educated about Bitcoin. She further stated then that Bitcoin had the potential of becoming an alternate source of storing value.

It was further reported that Saurez had also been exploring the possibility of integrating payment mechanism through cryptocurrencies. It was informed that Saurez had been briefed about how cryptocurrencies could be used to pay applicable fees as well as taxes.

Later on, a Twitter account-holder asked Suarez in a tweet message regarding payment of property taxes and levies through cryptocurrencies. The Mayor responded to the tweet by saying that he was already working on that. He further said that it was more likely the crypto-based payment mechanism for city-wise taxes and levies could kick-off in 2021.

This is a continuing story and would additionally be updated upon receiving further information.

Jerry Dedmon

Author: Jerry Dedmon

Jerry Dedmon is a new writer on Cryptocoin Stock Exchange, his articles are cryptocurrency news, analysis and blockchain news based. We recommend tuning in for Jerry's daily posts as they are always a great and interesting read.

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