Miami Mayor Says Holding Bitcoin on The City’s Balance Sheet is A ‘Major Priority’

Miami Mayor Francis Suarez reiterated this week that it is “a major priority” for the city to invest a portion of their funds in Bitcoin.

“It's a major priority for me because I want us to differentiate ourselves as a crypto capital of the United States or of the world.”

It was in February this year that Suarez brought a broader proposal before city commissioners to allow Miami to invest its own funds in the trillion-dollar cryptocurrency.

In a virtual conversation with Bloomberg, when asked about his efforts towards putting the leading cryptocurrency on the city’s balance sheet when it isn’t actually permitted in the state of Florida yet, Suarez said:

“Of course, if we would've been able to hold it from the moment that I put the resolution on our agenda it'd be up by 30 or 40 percent. So I would have looked like a genius back then. But that's the way it works now.”

Miami is actually going to issue a request for a proposal this month to allow the city’s employees to get paid in BTC, said the Mayor. Additionally, the idea is to allow the residents of Miami to pay fees and even taxes potentially in Bitcoin if the county allows it.

Suarez also mentioned the Miami Coin which is a way for people to donate funds to the city and so far have raised $7 million. Up more than 700% in the past two months, Miami Coin (MIM) is currently trading at $0.0274, down 50.5% from its all-time high of $0.55 from late last month.