Mayor Considers Putting Some of Miami’s Treasury Reserves in Bitcoin

Miami Mayor Francis Suarez is investigating how to put a percentage of his city’s treasure reserves in Bitcoin. Miami is currently working on accepting the cryptocurrency as a means of payment for city services and taxes. The mayor believes “Bitcoin was a stable investment in an incredibly unstable year”.

Miami could invest some of the city’s treasury reserves in bitcoin

Francis Suarez, the mayor of the US city of Miami, Florida, has discussed with the crypto community about putting a small percentage of the city’s treasure reserves in Bitcoin. Suarez, the first Miami-born mayor, previously served as Miami Commissioner for District 4 for eight years.

A soon-to-be Miami resident is Anthony Pompliano, a partner at Morgan Creek Digital, who discussed what Bitcoin can do for Miami and why Suarez should put 1% of the city’s treasure reserves in cryptocurrency.

Pompliano tweeted Tuesday, “Retweet this again if you moved to Miami if Mayor Francis Suarez put 1% of the city’s treasure reserves in Bitcoin.” Suarez replied:

Definitely open to exploration.

Twitter handle Danny the Hodler stepped in, claiming, “It’s not unprecedented.” He claimed that Wyoming pro-Bitcoin senator-elect, Cynthia Lummis, “did that to Wyoming’s treasury before anyone else even thought of the idea.” Suarez replied, “I’ll look into what you did.”

Lummis is a Bitcoin hodler who said, “Bitcoin has shown great promise to me and could rise to the US dollar as a viable alternative store of value on both an institutional and personal level.” She has promised to make sure that Congress understands that Bitcoin is a great store of value.

Suarez recently tweeted:

Bitcoin has been a stable investment in an incredibly unstable year.

The Mayor of Miami has also spoken about “being able to use Bitcoin and other cryptos to pay property taxes and city fees,” he announced on December 22nd. Responding to a tweet on Tuesday about Miami accepting BTC as payment for the city’s services, he confirmed:

We will definitely work on that in 2021.

Do you think Miami should invest a percentage of its treasury reserves in Bitcoin? Let us know in the comments below.

Tags in this story

Accept Bitcoin, Bitcoin Regulation, BTC, Francis Suarez, Invest in Bitcoin, Miami Bitcoin, Miami City Services, Miami Mayor, Miami Taxes, Miami Treasury Reserves, Pay Taxes with Bitcoin

Photo credit: Shutterstock, Pixabay, Wiki Commons

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