Cryptocurrency: Miami Mayor Francis Suarez Wants City To Start Paying Public Employees In Bitcoin
Miami Mayor Francis Suarez has tried to formulate ways to turn the city into a crypto-hub for the United States. Earlier this year, Suarez said the city plans to pay government employees their salaries in Bitcoin and also allow citizens to pay municipal taxes using cryptocurrency. Suarez has now said the city will present a formal proposal to make those promises a reality later this month.
Miami previously presented a proposal for the city to invest in Bitcoin, but Florida’s limitations currently do not allow local governments to trade such a volatile asset.
Suarez explained in an interview with Bloomberg: “If we could have kept it from the moment I put the resolution on our agenda, it would have gone up 30 or 40%, so I would have looked like a genius. at the time, ”he said. “But that’s how it works.”
Suarez remains a strong supporter of Bitcoin alongside other prominent cryptocurrency proponents such as Elon Musk and Salvadoran President Nayib Bukele. Suarez recently criticized JPMorgan Chase CEO Jamie Dimon for calling Bitcoin “worthless.”
Bitcoin is “certainly not worthless,” Suarez said, pointing out how quickly the value of the cryptocurrency has skyrocketed over the past year. “It has increased dramatically since we last spoke about it,” Suarez added. Based on current trends, the valuation of the world’s most popular cryptocurrency has already climbed over 94% in the past year.
Suarez also underlined the enthusiasm of the international community around the asset class. Bitcoin has been implemented as the base currency in a number of countries in Africa, Central America, and South America.
Cryptocurrency is unregulated digital currency, not legal tender and subject to market risk. The information provided in the article is not intended to be and does not constitute financial advice, business advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV will not be responsible for any loss resulting from any investment based on a perceived recommendation, forecast or any other information contained in the article.