Miami's Mayor Considers Putting Some of City's Treasury Reserves in Bitcoin

Miami Mayor Francis Suarez is exploring putting a percentage of his city’s treasury reserves in bitcoin. Miami is currently working on accepting the cryptocurrency as a means of payment for city services and taxes. The mayor believes that “Bitcoin has been a stable investment during an incredibly unstable year.”

Miami Could Invest Some of City’s Treasury Reserves in Bitcoin

Francis Suarez, the mayor of the U.S. city of Miami, Florida, has been discussing with the crypto community about putting a small percentage of the city’s treasury reserves in bitcoin. The first Miami-born mayor, Suarez previously served as Miami Commissioner for District 4 for eight years.

One soon-to-be Miami resident is Morgan Creek Digital partner Anthony Pompliano, who has been discussing what bitcoin can do for Miami and why Suarez should put 1% of the city’s treasury reserves in the cryptocurrency.

Pompliano tweeted on Tuesday, “Retweet this if you would move to Miami if Mayor Francis Suarez put 1% of the city’s treasury reserves in bitcoin.” Suarez replied:

Definitely open to exploring it.

Twitter handle Danny the Hodler chimed in, claiming that “It’s not unprecedented.” He asserted that the pro-bitcoin Senator-elect from Wyoming, Cynthia Lummis, “has done that with Wyoming’s treasury way before anyone else even thought of the idea.” Suarez replied, “Will look into what they did.”

Lummis is a bitcoin hodler who said “Bitcoin to me has shown great promise and may rise as a viable alternative store of value to the U.S. dollar both on the institutional level and the personal level.” She has promised to ensure that Congress understands that bitcoin is a great store of value.

Suarez recently tweeted:

Bitcoin has been a stable investment during an incredibly unstable year.

The mayor of Miami has also been discussing “being able to use bitcoin and other cryptos to pay property taxes and city fees,” he revealed on Dec. 22. Replying to a tweet on Tuesday about Miami accepting BTC as a means of payment for the city’s services, he confirmed:

We are definitely going to be working on that in 2021.