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Miami Mayor intends to fund in Bitcoin

Miami Mayor intends to fund in Bitcoin
Photo: Joe Raedle/Getty Images

Francis Suarez, the first Miami-born mayor, is confident about the most comprehensive cryptocurrency, Bitcoin. The mayor of Miami, Francis Suarez, acknowledges the investment of some of the government funds in the world’s largest cryptocurrency, Bitcoin. Suarez is preparing to draw the crypto industry via a friendly regulatory framework. In an interview with Fox Business, the Miami mayor stated that Bitcoin is an attractive investment. The city is proposing to enable its citizens to give taxes and fees via BTC. He continued that Miami is developing regulations to promote crypto businesses. 

After Suarez’s statement, one can note that he views the potential to produce sizable income for the city by allotting funds to the cryptocurrency as an investment. Further, the cryptocurrency market is up by over $300 billion after the start of 2021. Bitcoin surged more than $10,000 in the current 15 days to attain an all-time high of $41,500. The world’s largest cryptocurrency drew various institutional investors in 2020. It includes leading asset management companies and mutual funds.

Francis Suarez on increasing prices of Bitcoin

Suarez displayed his enthusiasm concerning the price of Bitcoin. He further states that it will only go up. He continued that his Bitcoin and crypto strategy would draw technology companies and innovative entrepreneurs to proceed to the city. Thus, generating various high-paying jobs for the residents. Suarez also elucidated how Miami missed out from getting about 200% return if they had funded in the famous crypto last year. The city is now contemplating diversifying its investment portfolio to Bitcoin, with the Miami mayor adds that the digital currency is a significant asset for investment.

Further, he stated that crypto laws from other states like Wyoming and New York support entrepreneurs during his interview. Suarez considered that ambiguous regulations are detrimental to the growth of Bitcoin and cryptocurrencies in the United States. He further discussed several ways to quickly achieve this. It includes allowing the residents to transact cryptocurrencies and paying fees and taxes using Bitcoin easily.

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