Dark Light

Bitcoin is garnering mainstream acknowledgment, and attention wherein many influential public figures have openly supported the digital currency. While Bitcoin is extremely bullish these days, a lot of people are exploring Bitcoin.

The Mayor of the City of Miami, Francis Suarez, is the latest to show interest in Bitcoin. He has said that he is open to allocating around 1 percent of the city treasury reserve to Bitcoin.

Miami Mayor Open To Explore Bitcoin

Miami in Florida, United States, is one of the most popular tourist destinations in the world. A popular crypto influencer and co-founder of Morgan Creek Digital Assets, Anthony Pompliano, tweeted asking his followers whether they would move to Florida if the mayor allocates 1 percent of the city’s treasury reserve to Bitcoin. Mayor Francis Suarez replied to a tweet saying that he is open to exploring the option.

Pompliano is probably soon to become Miami residents and thus talked about the impact of Bitcoin on Miami city. Pomp asked his users to retweet if they would move to Miami if the mayor allocated 1 percent of the city treasury to Bitcoin. After the mayor replied in affirmation, a flurry of discussion began on Twitter wherein another user, Danny, said that “It’s not unprecedented, Senator-elect from Wyoming, Cynthia Lummis had done that with Wyoming’s treasury way before anyone else even thought of the idea.”

The current numbers indicate that though 1 percent allocation would be small compared to humungous institutional investments in 2020, the Miami governor’s positive response has garnered much attention, which is an indicator of broader crypto adoption. Miami’s 1 percent city reserve allocation would be around $18 million.

Miami Mayor is bullish on Bitcoin and states that it has been a stable investment during the past year, which was extremely unstable. The city is currently looking to explore converting a percentage of its treasury in Bitcoin and accepting cryptocurrency for tax and services payments.

There is an increased affinity for Bitcoin amongst corporate firms, which is evident from large-scale investments in cryptocurrency from MicroStrategy, Square, etc. However, Public officials have also shown great interest in cryptocurrency.

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.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts
Total
1
Share