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Miami, the world’s most favorite holiday destination, has now added one more accolade to its kitty. Now the hottest tourist spot has also become the United States’ biggest Bitcoin hub.

Miami passed a resolution to pay employees and allow residents to pay taxes in Bitcoin.

Crypto-Forward City: Miami becomes Florida’s Crypto Hub

The authorities of Miami Municipal commission have given the nod to the proposal by city Mayor Francis Suarez with which the employees will be able to receive salaries in Bitcoin. The workers would be able to receive a part of their salary in Bitcoin. Lately, Bitcoin has attained cult status with everyone talking about it. Major organizations and high-value individuals are investing heavily in Bitcoin as the price of the world’s most prominent cryptocurrency continues to rally.

 As Bitcoin is attaining acceptance at the mass level, the resolution can play a pivotal role in bringing more validation and credibility to Bitcoin. The Miami administration will also allow the residents to pay taxes and fees for various services in Bitcoin. Mayor Francis Suarez is an avid promoter of cryptocurrency and has rallied for digital assets on several occasions. The tourist hub is continually marching towards crypto supremacy. In a video message addressing the Miami residents, Francis Suarez noted that Miami city treasury would also hold Bitcoin, making it the first Bitcoin Municipal in the country. Suarez said that “It’s wonderful to be a very crypto-forward city in the city of Miami, and I want to thank my commission colleagues for allowing that to happen.” The Mayor also thanked the commissioners and authority members for passing the resolution and contributing to make Miami a crypto-forward city.

Investments from MicroStrategy, Grayscale, Square had given a significant push to Bitcoin last year. Post the mega investments from some firm, a barrage of mainstream firms and prominent financial players have joined the  Bitcoin bandwagon. Most recently Tesla had bought Bitcoin worth $1.5 Billion, after which the price of crypto token began to surge parabolically. Currently, Bitcoin is trading above $48,000.  As the digital assets space matures not just large investors but also the governments are trying to tap the immense potential of Bitcoin and other cryptos. Lately, many politicians like Andrew Yang have talked avidly about Bitcoin, which hints that more cities may go the Miami way and adopt Bitcoin. 

Disclaimer

The information discussed by The Coin Magazine is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Do your due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright The Coin Magazine All rights reserved.

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