Topline
Miami Mayor Francis Suarez said Thursday the city would make digital wallets for its residents to dole out a “bitcoin yield” as a dividend directly from the city’s cryptocurrency, MiamiCoin, as part of its plan to become a cryptocurrency capital.
Miami Mayor Francis Suarez speaks at crypto-currency conference Bitcoin 2021 Convention in Miami, … [+]
AFP via Getty Images
Key Facts
Speaking with CoinDesk TV’s First Mover, Suarez said Miami would give a “bitcoin yield” from MiamiCoin as a dividend to its residents, who will get digital wallets from the city.
Since MiamiCoin’s launch in August, the digital token has earned over $21 million for the city, which at this pace would generate roughly one-fifth of the city’s annual tax revenue, he said.
Suarez expressed hopes that “at one point” down the road, his city could run “without taxes,” echoing his previous statements on the outcome of MiamiCoin.
Earlier this month, Suarez tweeted he would take his next paycheck “100% in Bitcoin” — his office told Forbes on Thursday the mayor is paid in dollars, which is “immediately converted into Bitcoin” through an application.
Paying government employees in Bitcoin was his top priority, Suarez told Bloomberg Technology last month, adding he also wants to allow Miami residents to pay their fees in Bitcoin.
Florida’s law prohibits local governments from holding volatile assets, according to Bloomberg.
Key Background
The non-profit CityCoins runs MiamiCoin. Suarez believes the city could earn over $60 million from the digital token in the next year. He won his reelection bid in a landslide victory last week, defeating his main opponent, Max Martinez, with more than 79% of the vote.
Tangent
New York City Mayor-elect Eric Adams replied to Suarez’s pledge to get paid in Bitcoin, saying he will take his first three paychecks as mayor in bitcoin. Adams’ team did not immediately respond to Forbes’ request for clarification on whether getting paid in Bitcoin was an option for him.
Further Reading
Incoming NYC Mayor Eric Adams: Pay Me In Bitcoin (Forbes)
Miami’s Mayor Says He’ll Take His Next Paycheck in Bitcoin (Bloomberg)
