Miami Mayor Plans to Invest in Bitcoin

Francis Suarez said that the city is also planning to allow citizens to pay taxes in Bitcoin.

The mayor of Miami, Francis Suarez is considering the investment of some of the government funds in the world’s largest cryptocurrency, Bitcoin. Suarez is planning to attract the crypto industry through a friendly regulatory framework.

During an interview with Fox Business, the Miami mayor mentioned that Bitcoin is an attractive investment and the city is planning to allow its citizens to pay taxes and fees through BTC. He added that Miami is creating regulations to facilitate crypto businesses.

“If I would have invested in Bitcoin last year, I would have made 200 plus percent. So, I would have looked like a genius. We are looking into allowing citizens to make payments, including taxes and fees to the city in bitcoin. We are also considering diversification of our investment portfolio to invest in BTC,” Suarez said.

The cryptocurrency market is up by more than $300 billion since the start of 2021. Bitcoin jumped more than $10,000 in the last 15 days to reach an all-time high of $41,500. The world’s largest cryptocurrency has attracted several institutional investors in 2020, including leading asset management companies and mutual funds.

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Miami’s Bitcoin Ambition

Suarez expressed his optimism regarding the price of Bitcoin and said that “It’s only going to go up”. He added that his Bitcoin and crypto strategy will attract technology companies and innovative entrepreneurs to come to the city and that will eventually create several high-paying jobs for the residents.

“We want to be one of the most crypto-forward and technological cities in the country. So we’re looking at creating a regulatory framework that makes us the easiest place in the United States to do business if you’re doing it in cryptocurrencies. I want the creative and the innovative class to come here and create high-paying jobs for my residents,” Suarez said.

During his interview, he mentioned that crypto laws from other states like Wyoming and New York are supporting entrepreneurs. Suarez believed that uncertain regulations are harmful to the growth of Bitcoin and cryptocurrencies in the US.

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