Miami’s Mayor Bought Bitcoin

Last Updated: 13 May 2021

Miami’s Mayor, Francis Suarez, had told that he purchased cryptocurrencies, including bitcoin and ether, when the $1.9 trillion relief bill passed the Senate and was on its way to the president’s desk. According to him, the value of bitcoin is going to increase because people no longer want to stick to the cash sources linked with USD. It is Mayor Francis’ dream to make Miami a ‘crypto city.’

Miami Herald Miami City Hall could start doing business in Bitcoin

At the 2021 Ethereal Summit

At the 2021 Ethereal Summit, Mayor Francis revealed that when the $1.9 trillion stimulus bill was passed through the Senate last March, he bought bitcoin.

He told De-crypt editor in Chief Dan Roberts and FTX CEO Sam Bankman-Fired that he already bought cryptocurrency to which he indicated in February that he would do shortly. Mayor Francis said that he only bought Bitcoin and Ethereum but didn’t buy Dodge. He remembers the day of the purchase because, on the same day, the $1.9 trillion Covid-19 relief bill was passed through the Senate and was on its way to be signed by president Joe Biden. He added to his statement that he bought Bitcoin because he felt it necessary to have it; he believes that bitcoin will increase. The Mayor said that the reason behind the increase of bitcoin’s value is the investment of $1,9 trillion by the Federal Government, and even if they spend more than $2.2 trillion, the people are more likely to get out of dollar-denominated currency, which will shift their focus on cryptocurrencies thus, increasing their values. The Mayor is also well aware of the broad cryptocurrency community. He said that he knows the user of cryptocurrency nowadays are tens of millions of dollars. All the people worldwide need to understand the popularity of this vast community and need to adopt it.

Miami a crypto city

Mayor Francis Suarez expressed his intention to make Miami a crypto city. According to him, not only the city’s website will host a bitcoin whitepaper, but it will also be the host of the 2021 Bitcoin Conference.

He revealed that he is working on making bitcoin payments a new normal in the city. He wants Miami citizens to use cryptocurrency as the primary payment method, such as paying employees’ salaries, allowing residents to pay taxes in Bitcoin, and creating a balance sheet based on bitcoin.

On this matter, the Mayor gives details, “I think we took a very progressive stance. We are very aggressive. I went to Wyoming, found their legislative package, tried to introduce it in the state legislation, [and] got very close to passing it on its first attempt, which is very unusual,” According to him, the resolution was passed by every house and Senate but was only rejected by the last committee.

The Mayor said that if Miami wants to be known as the tech-city, it has to take advantage of all these situations. Bitcoin is the future of the world, and if it is adopted now, it will put Miami ahead of other cities in many aspects.

  • Luke Handt

    Luke Handt is a seasoned cryptocurrency investor and advisor with over 7 years of experience in the blockchain and digital asset space. His passion for crypto began while studying computer science and economics at Stanford University in the early 2010s.

    Since 2016, Luke has been an active cryptocurrency trader, strategically investing in major coins as well as up-and-coming altcoins. He is knowledgeable about advanced crypto trading strategies, market analysis, and the nuances of blockchain protocols.

    In addition to managing his own crypto portfolio, Luke shares his expertise with others as a crypto writer and analyst for leading finance publications. He enjoys educating retail traders about digital assets and is a sought-after voice at fintech conferences worldwide.

    When he's not glued to price charts or researching promising new projects, Luke enjoys surfing, travel, and fine wine. He currently resides in Newport Beach, California where he continues to follow crypto markets closely and connect with other industry leaders.

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