Miami Mayor ‘Open’ to Exploring Allocating 1% of City’s Reserves to Bitcoin

The mayor of Miami, Francis Suarez, has revealed he is open to exploring allocating 1% of the city’s treasury reserves into bitcoin. Suarez has been exploring the cryptocurrency over the last few weeks.

The mayor of the city of Miami, Florida revealed he is open to allocating part of the city’s treasury reserves into BTC replying to a tweet from Anthony Pompliano (aka “Pomp”), co-founder and partner at Morgan Creek Digital Assets, calling for the move.

The allocation, according to available data, would be significantly smaller than the investments several firms have made into bitcoin last year. MicroStrategy, for example, has bought over $1 billion worth of BTC, while Miami’s allocation could be of around $18 million.

To some in the crypto community, however, the move is part of a wider embrace of the flagship cryptocurrency. Another user asked mayor Francis Suarez to let citizens pay for city services in the flagship cryptocurrency “as a start.” In response, Suarez said the city will be “definitely” working on that this year.

In response, other users pointed to senator-elect Cynthia Lummis, who has vowed to boost BTC’s profile in Congress when she assumes office. During a podcast, the Wyoming Republication said she believes bitcoin is a great store of value that can help tackle the U.S. national debt, which is said to be one of her biggest concerns.

To the senator-elect bitcoin is a better store of value than paper money, because there’s a finite supply of BTC that can be in circulation: 21 million coins. Inflation, she said, is “baked into the Federal Reserve’s plan for the U.S. dollar,” to the point that people living off their savings in retirements are seeing their buying power gets eroded by inflation.

Bitcoin’s adoption seems, as such, to not just be among corporations but also public officials. Demand for the cryptocurrency has been increasing over the last few months, helping its price surpass the $30,000 mark for the first time.

Featured image via Pixabay.

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