(Last Updated on February 12, 2021)
The City of Miami Florida is trailblazing a new digital path for cities across America and just might be the next silicon valley in the making.
The first United States City to officially support Bitcoin.
Mayor Suarez’s digital asset proposal won the vote 4-1 with legislators.
“I want to thank the City of Miami commissioners for supporting my resolution which directs the city manager after analysis to procure a vendor to be able to offer our employees to get a percentage of their salary in Bitcoin, allows our residents to pay for fees in Bitcoin, and would also allow the city manager to cooperate with Miami Dade county to allow for taxes to be paid in Bitcoin. It also requests of the state legislature that the city of Miami supports efforts to make Bitcoin an acceptable currency for us to potentially invest in the future. It is wonderful to be a very crypto forward city in the city of Miami and want to thank my colleagues in allowing that to happen.”– Mayor Francis Suarez
Miami is paving the way to be the epicenter for the exponentially growing digital asset industry of America.
Mayor Suarez might be establishing the new silicon valley with major tech companies fleeing California left and right. These first steps will help set regulations and legal guidelines for all cities in the U.S.
Florida has policies that allow much wider freedoms in both personal lifestyle and businesses throughout the pandemic. And now they are leading the way with fintech and digital assets.
Be on the lookout for major tech companies of tomorrow being born in Miami today.
Mayor Francis Suarez is asking, “How can I help my city financially in this crisis?”
His answer = Bitcoin
-> Allow city employees to receive a percentage of salary in Bitcoin (new savings mechanism)
-> Allow residents to pay fines and fees with Bitcoin
-> Allow residents to pay taxes in Bitcoin
-> City is looking for a vendor to purchase Bitcoin as newest treasury reserve asset
-> City is requesting state legislators to pursue policies support Bitcoin as an acceptable currency and investment vehicle
“It’s wonderful to be a very crypto forward city in the City of Miami!”– Mayor Francis Suarez
-> Bring new growth and economic opportunities to Florida in the future Bitcoin and digital asset industry
-> Utilize Bitcoin as an anti-inflationary hedge vs. the coming money printing needed for the COVID relief bills
-> Anchor the city as a pioneer and gain more media exposure as the political landscape unfolds
-> Stand for equality in a global asset that has access for all and promotes the individuals success
This move absolutely planted the seed for crypto entrepreneurship in Miami City. It could start a wave of economic growth that will explode with the oncoming adoption of blockchain and decentralized finance in the U.S.
When the COVID-19 crisis hit in March, no mayor could fully expect the economic damage that was to come. Cities, counties, and countries completely shutdown, month after month, disrupting local and national businesses.
With economies at a stand still and citizens in crisis mode, what could a City Mayor do in this crisis to fortify, protect, and invest in the cities economic future?
Beat the herd and leap head first into the coming digital age of finance.
Realizing that the evolutionary tech wave coming to flood over the traditional markets of old could be the exact vehicle needed to find new growth and creativity in a country plagued by staleness during COVID. Mayor Francis Suarez began making the rounds with Bitcoin investors and engineers to better understand the protocol and how it would benefit a state run city. We’ve seen him speaking with Michael Saylor and Anthony Pompliano recently.
He noted the success of early companies like MicroStrategy and Square at adopting Bitcoin as a treasury reserve asset. He followed along and research deeply on Bitcoin’s regulatory status. With Wyoming leading the way, he found it was well worth the risk to get onboard early and bring future crypto entrepreneurs and business to Florida.