The employees of Miami may soon choose to have their salaries paid in Bitcoin rather than USD was a regular medium of receiving their salary. In an interview with Forbes, Mayor Francis Suarez said that specific ways to expand Bitcoin adoption throughout the city include allowing city employees to be paid their salaries in BTC as well.
Major figures and personality in the cryptocurrency world have reacted positively to the idea, with Twitter and Square CEO Jack Dorsey calling it "smart" move on Twitter.
Mayor Suarez told Forbes that due to the rise in popularity of cryptocurrencies these days among the citizens, he wants to do everything in his power to make Miami a Bitcoin-friendly city in coming days. Other proposals made by him include allowing local fees and taxes to be paid in Bitcoin and some other cryptocurrencies, as well as investing a portion of the city treasury in Bitcoin, following Microstrategy's example.
While unsure of specific amounts, Suarez explained that the treasury investment would be structured as a public-private partnership, with private partners receiving a portion of the rewards for reducing some of the risk.
He also revealed that he is also considering funding his re-election campaign in Bitcoin. He is not the first to turn to Bitcoin to help fund political campaigns with Democrat Andrew Yang, California U.S. Rep. Eric Swalwell, Minnesota U.S. Rep. Tom Emmer and Libertarian Lara Loomer among U.S. politicians who have already accepted cryptocurrencies in previous campaigns.
The mayor believes Bitcoin will be "the biggest story for the next few years."Late last year, the mayor called Bitcoin a "stable investment" during an "incredibly volatile year."
If these measures go into effect, Miami's 450,000 residents could be encouraged to start regularly transacting in Bitcoin, with the potential to spread to the rest of Florida's 21.5 million residents. This would also make the city more attractive for blockchain-related tech companies and events.
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