THE MAYOR OF MIAMI HAS DECIDED TO INVEST FUNDS IN BITCOIN RESERVES

  • Francis Suarez, the mayor of Miami has decided that he is going to make technology the face of Miami.
  • In order to achieve his set goal, Francis Suarez had taken the decision to invest the city’s funds in Bitcoin reserves. 
  • He has also mentioned in an interview that, if he had invested back early, he could have gained 200% in today’s time. 

The mayor of Miami, Francis Suarez, has planned to make the city much more technologically attractive. He has therefore considered the fact to place some of the city’s treasury in the Bitcoin reserves. 

The crypto community has seen how Bitcoin was revitalized in 2020 as yet another potent alternative to the problem of inflation. This is how the leading cryptocurrency has gone the way that has led it to be recognised as a great power in the world. However, many institutional investors are now backing Bitcoin who have also invested their trust in the cryptocurrency. The mayor of Miami, Francis Suárez, took part in an interview with FOX Business, last thursday where he confirmed that they were considering 

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‘An opportunity to diversify our investment portfolio and have a percentage of our investment in Bitcoin.’

The Mayor did mention that it would have been more beneficial if he had invested in Bitcoin earlier. He specifically quoted that he could have gained about 200% as return, and that would have made him look like a genius. 

THE TECH CITY, MIAMI

When the Mayor, Suarez was interviewed by FOX News, he mentioned that his main aim is to make Miami one among the most technologically able cities in the country. Apparently, to make Miami technologically able, the role of cryptocurrencies stand to be the most important one. However, regulating Bitcoin’s cryptocurrency is a matter of concern for its adoption. For Miami to be able to achieve its goals, it has to regulate a very clear framework that will provide enough capacity for further development and cryptocurrency growth. 

THE MAYORS INITIATIVE IN MAKING HIS DREAM COME TRUE

The Mayor seems to be very much aware of this concern and therefore his prime motive is to create the clear regulatory framework for cryptocurrency as well as Bitcoin. And regulatory framework cannot be just anything, but should be the one that will prepare Miami to become one of the ‘easiest places’ in the US to run cryptocurrency businesses. It was pointed out by Whittemore, on Friday, that since last year’s December, there was a very heated conversation on whether one could expect Miami to establish as a new Silicon Valley. He also added that marking the rise of Bitcoin, it could be seen how the entire world is slowly changing. 

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Ritika Sharmahttp://www.thecoinrepublic.com
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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