5 March, 2021

Miami’s mayor Mayor Francis Suarez has been busy adding a personalized touch in trying to bring tech entrepreneurs to Miami. 

The mayor is bringing a different policy outlook on innovation aiming to combine the financial elements of New York City and the technology character of San Francisco into a South Florida finance and tech oasis. Among one of the many areas this vision affects is bitcoin- something he believes will be the “biggest story of the next few years.”

The mayor admits he’s always been fascinated with the idea of bitcoin. There are three tangible ways the city is taking to expand its bitcoin-friendly nature:

  • Miami is considering the opportunity to pay its employees’ salaries in bitcoin
  • Local fees and taxes could be paid in bitcoin or other cryptocurrency
  • The city’s treasury might place some of its investment capital into bitcoin.

The mayor still hasn’t got an exact idea for how much investment he wants to place. The thing he knows is that he wants to structure it in a public-private partnership where private partners can take some of the reward for defraying risk from the public side. Using the city’s investment powers creates a lot of potential, but also some risk.

For instance, Miami’s treasury doesn’t hold any commodities and mostly sticks to cash and cash equivalents. This makes his intent in this field a strong statement of interest in what holding bitcoin can do for the city of Miami.

The mayor is also considering financing his reelection campaign in bitcoin, with joining a small selection of politicians who have raised funds. In a combination with his social media presence, the efforts could bear fruit that helps solidify his tech-friendly persona, as well as the treasury for his next re-election.

What is more, Mayor Francis is also connecting with and learning from other states and jurisdictions. In conclusion, the Mayor said that many people will probably “understand his story” (bitcoin) and as it looks, this will not be the end. The mayor of Miami is combining its hostings of innovators with a drive to bring bitcoin to the big stage.

Tags: , , , , , , , , , , , , , , , , , , , , ,