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Miami Mayor considering Bitcoin investment and turning the city into a Crypto hotbed

  • Miami Mayor is open to using government funds to invest in bitcoin.
  • Mayor Suarez said the price of bitcoin will go up.
  • The Mayor wants to attract crypto talent by passing crypto-friendly laws.

The Mayor of Miami wants to make the city more attractive to the tech industry and is looking at the nascent cryptocurrency landscape to help him achieve his goals.

Speaking to Fox Business’ Varney and Co., Mayor Francis Suarez said he is considering investing in bitcoin and use some of the government funds to invest in cryptocurrency.

“If I would have done it last year, I would have made 200 plus percent,” said the Mayor. “So I would have looked like a genius.”

The Mayor said his city is looking into allowing its residents to pay their taxes and fees in bitcoin. In 2018, Ohio became the first state in the U.S. to allow taxes to be paid in bitcoin. However, this feature was only reserved for companies in the state and not individuals.

He also wants Miami to be the most crypto-forward and technology-driven city in the U.S. And to achieve this, the city will create a conducive regulatory framework for companies to transact in cryptocurrencies.

“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,” he said.

Mayor Suarez wants to turn Miami into a crypto hub

The Mayor hopes that the move will attract tech talent and high-tech companies to the city. This would lead to the creation of jobs.

“I want the creative and the innovative class to come here and create high-paying jobs for my residents,” added the Mayor.

He called bitcoin a very attractive investment and said the city may diversify its portfolio and convert a percentage of its investments into bitcoin.

Bitcoin performed very well in late 2020 and its momentum spilled into the new year. The price of each bitcoin fell to less than $5,000 in March last year but soared towards the end of the year, surpassing the historic peak reached in 2017.

The current bull run is driven by institutional capital rather than retail investors who characterized the 2017 bubble.

And the Mayor backed up the consideration to invest in bitcoin, stating that its price will appreciate.

“It’s only going to go up,” said the Mayor.

In December last year, the Mayor said he was open to converting 1% of the city’s treasury reserves into bitcoin. This was after Anthony Pompliano, an investor and entrepreneur, asked on Twitter if anyone would move to Miami if the city invested in bitcoin.

Bitcoin is trading at $39600+, up 11% in 24 hours, CoinMarketCap data shows.

The Mayor recently met crypto exchange Gemini co-founders, the Winklevoss Twins, and they talked about cryptocurrencies.

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