The competition to be the biggest cryptocurrency hub in America is getting more intense. At present, the city of Miami is in the lead, making millions of dollars of profit through its MiamiCoin stake.
According to Miami’s Mayor Francis Suarez, every Miami citizen with an online wallet will be eligible to receive a payment in bitcoins.
“We will be the first city in the United States to distribute a profit in bitcoin to its citizens as a dividend.”– Suarez said in a Nov. 11 interview.
It is important to remember that behind MiamiCoin is CityCoins. The company launched digital currency back in august. It is designed to assist in financing urban projects and generate profits for Miami.
The MiamiCoin stake earned the city over $21 million in profits. The project wallet converts MiamiCoin deposits into USD. Suarez stated that if the profits continue to grow at the same rate they are currently at, they’ll be able to cover the city’s requirements fully.
In terms of local legislators, Suarez is one of the most prominent and largest advocates of Bitcoin on the scene in U.S. politics. In the last month, Suarez and New York City Mayor-elect Eric Adams announced that they were going to accept more than their bitcoin withdrawals.
In February, Miami Mayor Suarez revealed his plans to turn Miami into a crypto-centric centre across the US. The mayor hopes to accomplish this by enacting “the most progressive digital asset laws” in the United States. We should also note that this year’s Bitcoin conference participants in Miami are likely to have huge attendance. The conference also became a landmark event since it was there where the leader of El Salvador announced that bitcoin could be a method for payment in the country.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.