Cryptocurrency: Miami Mayor Francis Suarez Wants City to Start Paying Public Employees in Bitcoin

Suarez is a vocal proponent of cryptocurrency adoption and aims to transform the city into a global crypto-hub.

By Shomik Sen Bhattacharjee | Updated: 14 October 2021 15:14 IST

Cryptocurrency: Miami Mayor Francis Suarez Wants City to Start Paying Public Employees in Bitcoin

Photo Credit: Facebook/ Francis Suarez

Suarez is a staunch supporter of cryptocurrency

Highlights

Miami’s pro-crypto mayor is pushing for the city to embrace Bitcoin
Miami may position itself as a crypto hub in the US
Suarez recently hit back at JPMorgan's Jamie Dimon

Miami Mayor Francis Suarez has been trying to formulate ways in which the city could be turned into a crypto-hub for the US. Earlier this year, Suarez said that the city was planning to pay government employees their salaries in Bitcoin and also allow citizens to pay city taxes using the cryptocurrency. Suarez has now stated that that the city will put forth a formal proposal to make those promises a reality later this month.

Miami had earlier introduced a proposal for the city to be able to invest in Bitcoin, but Florida limitations don't currently allow local governments to transact in an asset that is so volatile.

Suarez explained in an interview with Bloomberg, “If we would've been able to hold it from the moment that I put the resolution on our agenda, it'd be up by 30 or 40 percent, so I would've looked like a genius back then,” he said. “But that's the way it works.”

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Suarez remains a strong Bitcoin believer alongside other prominent cryptocurrency supporters such as Elon Musk and El Salvador President Nayib Bukele. Suarez recently slammed JPMorgan Chase CEO Jamie Dimon for calling Bitcoin "worthless".

Bitcoin is "definitely not worthless," Suarez stated, pointing out how rapidly the cryptocurrency's value has skyrocketed over the past year. "It's gone up significantly since we last talked about it," Suarez added. Based on current trends, the world's most popular cryptocurrency's valuation has already shot by over 94 percent in the past year.

Suarez has also highlighted the enthusiasm in the international community around the asset class. Bitcoin has been implemented as a base currency in a number of countries in Africa, Central America, and South America.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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