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Miami Mayor: Miami Workers to Receive Salaries in Bitcoin

CryptocurrencyJun 09, 2021 09:00AM ET
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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.


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Miami Mayor: Miami Workers to Receive Salaries in Bitcoin

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