Miami Mayor ‘Open’ to Bitcoin Investment with Treasury Reserves

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In Brief
  • Miami Mayor Francis Suarez says he is "open" to investing 1% of Miami's treasury into Bitcoin.

  • If Suarez goes through with the decision, Miami would be the first U.S. city with Bitcoin reserves.

  • Bitcoin continues to break all time high prices, recently passing $28,500.

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As Bitcoin continues on its historic bull run breaking all-time price records, Francis Suarez, the Mayor of Miami has said he is ‘open to exploring’ putting a percentage of Miami’s treasury reserves into Bitcoin.

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This topic of conversation was initiated on Twitter by Anthony Pompliano. The co-founder of the blockchain-based investment firm Morgan Creek Digital Assets Tweeted out, “Retweet this if you would move to Miami if Mayor Francis Suarez puts 1% of the city’s treasury reserves into Bitcoin.”

Pompliano received a prompt response from Mayor Suarez, who Tweeted back:

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A consideration of this magnitude by a mayor of a major U.S. city is a massive step in the mainstream adoption of Bitcoin.

A Would-Be Bitcoin Milestone

If Mayor Suarez actually decides to invest a portion of Miami’s treasury reserve into Bitcoin, it would be the first U.S. city to own an allocation in its reserves.

According to the Miami Herald, as of April of 2020, Miami had reserves amounting to approximately $95 million, meaning that just a one percent allocation would represent nearly $1 million.

This would be a very small investment for the city’s treasury but would represent a massive milestone in terms of how Bitcoin is viewed. If the treasury from one of the biggest cities in America invests in Bitcoin, it could start to set a standard.

A Trend that’s Already Begun

So far in 2020, we have seen many different companies, both public and private, invest part of their treasury reserves into Bitcoin.

The largest and most outspoken investment has come from MicroStrategy, a business intelligence firm that has invested over $1.3 billion of its treasury reserves in Bitcoin. Michael Saylor, the CEO of MicroStrategy, also personally owns $100s of millions worth of Bitcoin as becoming a vocal proponent for the cryptocurrency as a hedge against inflation.

With the continued economic global uncertainty on top of the massive levels of inflation fiat currencies like the U.S. dollar is facing, many companies and organizations have started to turn to Bitcoin as a potential remedy.

It’s hard to say if this friendly Twitter proposal will ever come to fruition, but the idea even being discussed by government officials is an extremely positive sign for Bitcoin.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Harrison is an analyst, reporter, and lead specialist at BeInCrypto based out of Tel Aviv, Israel. Harrison has been involved in the cryptocurrency space since late 2016 and is passionate about decentralized ledger technology and its potential.

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