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Cryptocurrency: Miami Mayor Francis Suarez Wants City to Start Paying Public Employees in Bitcoin



Miami Mayor Francis Suarez is trying to devise ways to turn the city into a crypto-hub for America. Earlier this year, Suarez said the city was planning to allow government employees to pay their salaries in bitcoin and also allow citizens to pay city taxes using cryptocurrency. Suarez has now said the city will present a formal proposal later this month to fulfill those promises.

Miami previously offered a proposal for the city to be able to invest in bitcoin, but Florida’s borders currently do not allow local governments to transact in such volatile assets.

Suarez explained in an interview with Bloomberg, “If we could catch it from the very moment that I put the offer on my agenda, it would go up by 30 or 40 percent, so I would have looked like a genius back,” he said. “But that’s the way it works.”

Suarez remains a strong bitcoin believer along with other prominent cryptocurrency proponents such as Elon Musk and El Salvador President Nayib Bukele. Suarez recently slammed JPMorgan Chase CEO Jamie Dimon for calling bitcoin “useless”.

Bitcoin is “definitely not worthless,” Suarez said, explaining how rapidly the cryptocurrency has grown in value over the past year. “It’s grown a lot since we last talked about it,” Suarez said. Based on current trends, the valuation of the world’s most popular cryptocurrency has already risen by over 94 percent over the past year.

Suarez has also highlighted the enthusiasm in the international community around the asset class. Bitcoin is implemented as the base currency in many countries in Africa, Central America and South America.

Interested in cryptocurrency? We discuss all things Orbital with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, is not legal tender and is subject to market risks. The information in this article is not intended to be financial advice, trading advice or any other advice or a recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any loss arising out of any investment based on any alleged recommendation, forecast or any other information contained in the article.


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