Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Miami Mayor: Miami Workers to Receive Salaries in Bitcoin

Published 06/09/2021, 09:00 AM
Updated 06/09/2021, 09:00 AM
Miami Mayor: Miami Workers to Receive Salaries in Bitcoin

  • Miami workers will be able to start receiving their salaries in Bitcoin as the push for crypto continues.
  • Francis Suarez, the Mayor of Miami, revealed in an interview with Forbes that Miami wants to take Silicon Valley’s place as the friendliest place for BTC in the US.
  • Notable figures, and businessmen like Jack Dorsey, have lauded the move as a step in the right direction.
  • Experts posit that the move will cement the position of Bitcoin and other digital assets in the US economy.

As the mass adoption of cryptocurrencies and digital assets continues to make waves around the world, good news just keeps flowing from the United States. This time, workers in Miami may choose to be paid in Bitcoin as opposed to in USD.

This move positions the city to be one of the more crypto-friendly cities in the US. Bitcoin is the world’s largest and most popular cryptocurrency, with it seeing widespread use around the world. From Bitcoin ATMs, to the possibility of E-cars mining Bitcoin while parked, the crypto giant is out to get fiat currencies.

Salaries in BTC: A Step in the Right Direction

Francis Suarez, the Mayor of Miami who is also a crypto enthusiast with a history of positive statements, is back on the news. In an interview with Forbes, the Mayor revealed that in line with the mass adoption of bitcoin, workers in the city can opt to receive payment in Bitcoin, instead of the Dollar.

The Mayor declared that the city will be implementing a roadmap involving many landmark innovations to further support the adoption of crypto. Twitter’s CEO, Jack Dorsey, has hailed it as a smart move, while the co-founder of Gemini, Tyler Winklevoss, said the Mayor’s decision is “leading the way for government and Bitcoin.”

The Miami Bitcoin roadmap also includes introducing the ability to pay city taxes in Bitcoin, and investing part of the city’s treasury into Bitcoin. This decision follows the lead of MicroStrategy’s CEO Michael Saylor, who has committed a portion of his company’s reserves to Bitcoin.

To further push his agenda of Bitcoin-friendly policies to another level, the Mayor also revealed that his re-election campaign will be funded in Bitcoin. Other Democrats like Eric Swalwell, the California US Rep, and Tom Emmer, the Minnesota US Rep, have previously accepted Bitcoin in their own campaigns.

On the Flipside

  • The proposed mass adoption of Bitcoin by Miami will not be enough to overtake Silicon Valley in the short run.
  • Time will be an essential factor in the mass adoption of cryptocurrency in Miami.
  • The current poor prices of Bitcoin and other assets will limit mass adoption as users are scared to go all in.

What’s Next for Bitcoin?

Since its inception in 2009, Bitcoin has shown the world that it has the potential to disrupt fiat currencies. This year, the price of Bitcoin surged to a record high of $64,829 as the market capitalization of the cryptocurrency hit over $1 trillion.

Although Bitcoin is currently struggling, positive reports from the political sphere will serve to push valuations of the currency up. The Mayor is working with other politicians to push additional Bitcoin-friendly changes to Florida’s legislature.

If everything goes as planned, Miami’s 450,000 citizens will be able to transact using bitcoins daily, which would continue to affect jurisdiction and act as a boost to the price of the currency.

EMAIL NEWSLETTER

Join to get the flipside of crypto

Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.

[contact-form-7] You can always unsubscribe with just 1 click.

Continue reading on DailyCoin

Latest comments

Morning or afternoon 's rate?
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.