It’s Raining Bitcoin in Miami
Miami’s Mayor Francis Suarez is on a mission and it’s a pretty big one, making Miami the Holy Grail for cryptocurrency. He hasn’t been holding back either, he started hosting the largest Bitcoin conference in the country right in Miami, swiping it from other states and making it a Miami staple very quickly.
He didn’t even slow down to take a breath there, in mid 2021 he declared that he would make Miami the center of the cryptocurrency universe in the United States, he started by allowing Miami employee’s to take a portion of their salaries in Bitcoin.
The launching of the bold initiative called the MiamiCoin made it pretty clear that he was committed to making the City of Miami the first Web 3.0 city in the country way ahead of New York City. Under the former NYC Mayor DeBlasio the city lost touch with the future and maybe now with the incoming Mayor Eric Adams, a Brooklyn native, they will fast track things as they play catch up.
The MiamiCoin was a decent success as it generated over $21 million for the city since it was launched. Suarez made another bold move and declared with force that he will have digital wallets created for Miami residents and they will be receiving bitcoin directly from the revenue generated from MiamiCoin.
MiamiCoin was launched back in August of 2021 with the nonprofit CityCoins, if you haven’t heard of CityCoins then you should, they provide protocols that allow residents to mint tokens directly from their home computers. So here’s the skinny, they have a 70/30 split on all revenue generated from MiamiCoin. So residents get 70% while the City of Miami gets 30%, not a bad deal at all.
Hold your horse’s people before you jump ship and move to Miami you better wait until you hear the details and those details area bit blurred at the moment but there should be clarity as the months go on. There are a lot of dynamics involved in this deal, it’s a very bold initiative and it won’t be easy to pull off but this guy is committed. So with the support of the crypto community it seems that it will all get worked out.
Keep in mind that crypto organizations have been swooping up sponsorship deals through out South Florida, such as the newly renamed FTX Arena and there is much more to come. According to Suarez he hopes that these types of sponsorships will eventually make Miami a tax free city, now wouldn’t that be something, throw in some cannabis dollars and he may have the secret recipe for a city’s success that NYC can mimic.