Miami Mayor ‘Definitely Open’ to Allocate 1% of City’s Treasury Reserves into Bitcoin
Meanwhile, Francis Suarez is working on accepting Bitcoin as a means to pay for services/bills in 2021.
Mayor Francis Suarez declared his Bitcoin friendliness on Twitter Tuesday when BTC proponent Anthony Pompliano urged him to allocate Miami’s reserves into the world's largest cryptocurrency.
“Definitely open to exploring it,” said Suarez who is working on bringing tech talent to the city.
With COVID-19 bringing in more remote-working opportunities, many tech entrepreneurs are contemplating or have already moved out of the San Francisco Bay Area. Some are considering Miami as an option thanks to Suarez actively endorsing the city on Twitter.
How can I help? https://t.co/hIC1k8ka1i
— Mayor Francis Suarez (@FrancisSuarez) December 5, 2020
The Mayor’s Bitcoin positive response has been to Morgan Creek Digital co-founder Pomp’s tweet, “Retweet this if you would move to Miami if Mayor Francis Suarez put 1% of the city’s treasury reserves in Bitcoin.”
The tweet received much love — 1.3k retweets and 5.3k hearts. The Bitcoin community is already on board with this idea which has already seen adoption from public listed companies.
MicroStrategy was the one to herald it which was then taken further by Jack Dorsey’s Square. Now, in small and big enterprises, everyone is slowly replacing cash with Bitcoin as a reserve asset in their balance sheet.
“Would be the first US city to do it. If Bitcoin works out, it would bring significant resources to the city. If it doesn’t work out, it would be best spent economic development dollars because of how many people would move,” said Pomp of such a move.
While Bitcoin in Miami’s treasury reserves may take time, the city could soon accept Bitcoin and crypto as a means to pay for services and bills.
“We are definitely going to be working on that in 2021…” is what Suarez said of this.
Charlie Shrem, host of Podcast UntoldStories also chimed in and called out the state of Florida to be the flag bearer of Bitcoin friendliness.
However, Jimmy Patronis, Florida's Chief Financial Officer & State Fire Marshal isn’t keen on the idea as he said, “Got to keep public money safe. It’s not the future, it’s now. I love that the Mayor is fired up about expanding the global financial sector in Florida!”
While Florida might not be ready for that now, the crypto community already has Wyoming which has been leading with its digital assets favorable regulations. And of course, the state has already elected the first Bitcoin owner, Cynthia Lummis to the US Senate.