finance news

Miami Mayor could invest a part of city’s treasury reserves in Bitcoin

Miami Mayor could invest a part of city’s treasury reserves in Bitcoin

The Mayor of Miami, Francis Suarez, has reportedly initiated discussions with the crypto community for coming up with plans for investing a small percentage of the city’s treasury reserves in Bitcoin. According to a recent tweet, Suarez asserted that Bitcoin stands as a stable investment in the event of a highly unstable year.

Back on December 22, the Mayor had revealed he had been discussing possibilities of using Bitcoin and other cryptocurrencies for the payment of city fees and property taxes in Miami. On Tuesday, Suarez, while replying to a tweet on whether Miami would accept BTC as a mode of payment for the city’s services, confirmed of Miami’s steps in that direction in 2021.

Expressing his opinion on the announcement, a Twitter user claimed that the plans are not unprecedented, highlighting that Cynthia Lummis, a renowned Senator-elect from Wyoming who is pro-bitcoin, has earlier done this with Wyoming’s treasury reserves much before anyone else could have thought of the idea.  

The Miami Mayor, who has previously been in service for eight years as the Miami Commissioner for District 4, has expressed interest into looking into what they did.

According to Lummis, Bitcoin shows a great promise and might eventually escalate as a feasible alternative store of value to the U.S. dollar both on the personal level and the institutional level. She has also promised to make sure that the Congress understands the importance of Bitcoin as a great store of value.

Anthony Pompliano, the Digital Partner of Morgan Creek and a soon-to-be Miami resident, has also begun discussions on the prospects of what Bitcoin’s capabilities are and why the Mayor of Miami should invest 1 per cent of the City’s treasury reserves into the cryptocurrency.

Meanwhile, as an unofficial poll, Pompliano has urged people to retweet his tweet if they would like to move to the city if Mayor Suarez puts 1 per cent of its treasury reserves into Bitcoin.

Source credit:

About the author

Nandita Bhardwaj

Nandita holds a management degree with specialization in marketing, and boasts of a short-term experience in the field of recruitment. Following her passion for writing however, she decided to pursue a career in the field of content development. Presently, Nandita pens down news pieces for, spanning the verticals of business, finance, and technology.