Miami Mayor Francis Suarez says Bitcoin will be “the biggest story in the next few years”. Miami got lucky with the manager.
Technologically advanced mayor — a supporter of BTC
Francis Suarez, the mayor of Miami in the US state of Florida, has demonstrated unique leadership in his quest to bring a different view of politics and attitude to innovation to the city. Not only does it seek to attract tech entrepreneurs to Miami, but it also seeks to combine the technological nature of San Francisco and the financial elements of New York City in the city’s financial and technological oasis.
Bitcoin is one of several areas he is addressing as he believes the leading cryptocurrency will be in the spotlight of the tech and financial world in the coming years.
Francis admits that he has always been interested in the idea of Bitcoin and is aware that the popularity of the largest cryptocurrency among the people of America is growing. Under his leadership, he has shown that Miami is taking three specific steps to expand its Bitcoin friendliness.
- First, Miami plans to give its city employees the opportunity to receive a salary in BTC.
- Second, the city is considering paying local fees and taxes in Bitcoin or other cryptocurrencies.
- Third, Miami plans to invest part of the city’s treasury in BTC.
Thanks to this, Miami becomes the first city in the United States and in the world in which a part of the city’s treasury is transferred to the leading cryptocurrency. The mayor is also considering expanding such a plan by structuring it into a public-private partnership, in which private investors will first receive a reward to guarantee their profits, and the city will benefit from the remainder.
Urban investment has great potential, but there are also risks. For example, Miami does not store any goods, and mostly sticks to cash and cash equivalents. The city is therefore considering loading up its PTS balance sheet as an inflation hedging strategy for its treasury obligations. In addition, the mayor keeps an eye on developments in the Bitcoin ecosystem. He has spoken at crypto events in previous years, and is therefore looking forward to hosting the BITCOIN 2021 conference in Miami.
Mayor Francis also intends to fund his re-election campaign in cryptocurrency. He is going to join several politicians who have raised funds in BTC. Finally, the mayor turns to other states and jurisdictions and learns from them. Thus, he’s trying to bring Wyoming’s crypto-regulation laws to Florida. He even approached crypto advocate Caitlin Long of Wyoming, and also negotiated with Florida CFO Jimmy Patronis to introduce Wyoming-style crypto regulations to Florida.
Cities covered by decentralization
In the last decade, the concept of smart cities has undergone significant changes. One trend that people around the world have noticed is a growing awareness of citizens ‘ active contribution and participation in creating happier, more efficient, and smarter cities. Many cities around the world are moving towards decentralization, and the blockchain approach is an evolving superior choice that cities are making to improve the quality of life, ensure sustainability, and create opportunities for urban innovation.
Everyone who is familiar with blockchain technology knows Bitcoin. Many people want to invest and store Bitcoins because of the economic value associated with the digital currency. Now even cities aim to integrate cryptocurrency and related technologies to promote economic growth in the future.
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