Miami Mayor Working on Adding Bitcoin to the City’s Balance Sheet

Francis Suarez also wants to “have the most progressive crypto laws” to promote cryptocurrencies and blockchain in the city.

On Monday, Miami Mayor Francis Suarez said that he is working on a resolution to add Bitcoin to the city’s balance sheet.

This announcement from Suarez’s came after Tesla purchased $1.5 billion of Bitcoin, which sent the prices for the digital currency higher.

The mayor of a city of about 245,000 people, Suarez also spoke with Tesla founder Elon Musk but on the matter of Musk’s Boring Co. to build a tunnel under the South Florida city.

In his tweet, Suarez said the matter of adding Bitcoin to the city’s balance sheet would be addressed at a commission meeting on Thursday.

Suarez has been vocal about his support for cryptocurrencies, and in a recent interview with Forbes, he talked about having legislation that is forward-thinking and “promotes” crypto and blockchain.

They are also looking at crypto-friendly states like Wyoming to make sure that “we have the most progressive crypto laws.”

Sharing his goals regarding cryptocurrencies, Suarez said he wants to provide his employees the ability to receive a percentage of their salary in Bitcoin and crypto, give the residents the ability to make payments of taxes and fees in crypto, and making Bitcoin a part of the city’s investment portfolio.

Recently, the city also posted Bitcoin’s whitepaper written by the digital currency’s pseudo-anonymous creator Satoshi Nakamoto on the municipal website, which went viral. According to Suarez,

“Within tech, there's a subgroup of people that are pro-crypto and pro-blockchain. That's a very, very robust network, and they're awesome.”

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