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Bitcoin has been continuing to grow in terms of value, price, and adoption. This year has been notably bullish for the entire Bitcoin and altcoins market. Several digital assets witnessed mainstream attention and incredible price spikes. Moreover, it is incredible to see that an entire country is now holding the flagship crypto asset in its treasury. Notably, as the leading digital asset continues to garner mainstream adoption, we have observed that politicians are also seeking to get involved with the asset class. Senators are investing in Bitcoins through Grayscale, and the Miami mayor is looking to take part of salary in BTC.
Francis Suarez wants Bitcoin salary
Miami re-elected mayor, Francis Suarez, has recently unveiled plans to take part of his next payout in Bitcoin. Hence, the mayor would be taking a part of his $401,000 payout in BTC. The announcement came just after Suarez began accepting his salary in BTC with the help of third-party payment processors.
Suarez is the first US lawmaker who accepts a part of his salary in the leading cryptocurrency. And now the lawmaker desires to dedicate a part of his retirement savings to be based on digital assets as well on a personal choice.
According to Suarez, he thinks that BTC is a good asset to invest in, and will soon appreciate over time. Hence, following its current growth rate he is bullish on the asset.
BTC has an open-source, un-manipulatable system
According to the Miami Mayor, the success of the coin designed by Satoshi Nakamoto is tightly tied to the confidence in the system. Such a system is inherently an open-source and un-manipulatable infrastructure. Suarez revealed that he began receiving salary payments in Bitcoin through the help of Strike, a third-party payment processor.
Furthermore, Suarez shared that the city government will also accept fee payments through BTC from Miami residents. It is also noteworthy that the Miami mayor is certain to establish a relevant system by the next year, while he will be exploring various options for enabling the BTC payments for retirement savings.
Miami mayor will divide and distribute BTC yields
It is also revealed that in an effort to further drive the city’s crypto adoption, the Mayor would be giving BTC yield as a dividend directly to each eligible resident. According to some mainstream crypto media outlets, the city of Miami would be diving and distributing the yields earned by staking its in-house digital asset, MiamiCoin. Notably, the cryptocurrency was initially issued by Citycoins, with the intention of funding Municipal projects while generating yield. According to Suarez, he aims to transform Miami into a major crypto hub, for which they are going to develop digital wallets for residents, and give BTC directly through the yield generated from MiamiCoin.
