Miami Mayor To Launch Bitcoin Wallets For City Residents
The Miami Mayor wants his city to become the Bitcoin capital of the world. His most recent policy is bringing the city one step closer to achieving that goal.
Covered:
- Bitcoin Wallets For Miami Residents
- Bitcoin Support Surging Throughout The US
Mayors all across the country are uniting over their shared support for Bitcoin. Just days after Miami Mayor Francisco Suarez announced that he would be taking his salary in Bitcoin, Tampa Bay Mayor Jane Castor also shared that she would be taking her next salary in Bitcoin as well. It seems like Suarez has set a trend for politicians in the US, and it appears that he’s back again to take the next step forward in bringing Bitcoin to the US.
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Bitcoin Wallets For Miami Residents
In an interview with CoinDesk TV, Mayor Suarez says that the city of Miami will soon give residents digital wallets and pay them Bitcoin dividends from the staking of the city’s cryptocurrency, MiamiCoin. Since MiamiCoin’s launch in August, the cryptocurrency has raked in more than $21 million.
“We’re gonna take our first draw on the first $20 million and we’re gonna stake the remaining balance in Bitcoin. So, what we’re gonna get as a yield on the staking is Bitcoin, and we’re gonna do something again that’s innovative…We’re gonna be the first city in America to give a Bitcoin yield as a dividend directly towards residents.
We’re gonna create digital wallets for our residents, and we’re gonna give them Bitcoin directly from the yield of MiamiCoin.”
He says that annualizing the current rate of return from MiamiCoin would come out to approximately $80 million per year. He thinks the innovation could open the doors to make Miami a tax-free city.
“If you could annualize it, which life doesn’t really work that way, but if you could annualize it, it would be $80 million. That is roughly one-fifth of the entire tax revenue of the city of Miami. So if you were to 5x it, you could theoretically, at one point, pay the entire tax revenue of the city, and the city could be a city that runs without taxes, which I think would be revolutionary.”
Bitcoin Support Surging Throughout The US
Florida is becoming a hotspot for crypto adoption after receiving public support from both Miami and Tampa Bay, however, the asset class is quickly sweeping its way through the US political sphere, capturing the attention of politicians from both sides of the aisle. Whether it’s Texas senator Ted Cruz or 2020 presidential candidate Andrew Yang, both sides are finding common ground in Bitcoin.
NYC Mayor Elect: We must open our schools to teach #Bitcoin pic.twitter.com/r5cqjSornF
— Bitcoin Magazine (@BitcoinMagazine) November 8, 2021
RECOMMENDED: MAYORS OF AMERICA UNITE TO TAKE SALARY IN BITCOIN
Most recently, the mayor-elect of New York City, Eric Adams, has been very vocal about his support for Bitcoin and crypto. After announcing that he would be taking his first three checks in Bitcoin and calling for schools to teach Bitcoin, he also followed in the footsteps of Mayor Suarez in creating his city’s own cryptocurrency, NYCCoin.
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