Miami Mayor Plans to Accept
Next Paycheck Entirely Bitcoin
There is a growing feeling that the crypto revolution is sweeping through the world. Governmental and private organizations are beginning to adopt the digital currency crusade without thinking twice. While some of these organizations are using it as a ploy to take a step better than their seemingly backward competitors who would not take up the cryptocurrency belief, others are doing it to stay in tune with the times and are also looking towards the long-term future. There is a fear from most of these public and private institutions that if they would not jump on the wagon, they would be left behind in an ever-changing world. The world is already hurling down the technology slope and every sector of the world’s economy is already adopting technology in the majority of their affairs.
When the ability to make transactions and trade with a technology-oriented system opened up in recent years, many people felt the circle was complete. They felt that this new decentralized system of financial exchange will cut out the middle men and all unnecessary infrastructure. That this new system would fit snugly with so many other sectors that are already leaning towards technology.
There are a slew of companies that accept bitcoin all over the world but just a handful of major organizations are buying into crypto credentials. One major company involved in crypto is Microsoft who started accepting bitcoin in 2014. The American multinational technology corporation saw the bright side of trading with crypto and with its video gaming brand Xbox, started accepting bitcoin for its store. Although they put the brakes on the whole process for a while due to the volatility of the system, they are now using it for Xbox store credits. Bill Gates has been quoted in various circles advocating for the use of crypto.
The American retail company, Overstock is also another major company transacting in bitcoin. They put the bitcoin option in the checkout option. They also accept other types of cryptocurrencies. The coffee company Starbucks is also accepting bitcoin through a cryptocurrency platform called bakkt. Namecheap, Home Depot, Whole Foods (who partnered with a digital payment platform owned by one the pioneers of bitcoin, the Winklevoss twins) and major gaming merchandise, GameStop.
Some states in the United States have adopted digital currency as a medium of exchange. The home to Silicon Valley, San Francisco has delved into the crypto market too. With a population of less than a million the tech-crazed city has seamlessly incorporated digital currency into its day to day activity. The city houses one of the first cryptocurrency platforms Coinbase and sprawling with over 400 ATMs within the bay area that dispenses bitcoin and has a handful of the same machines within San Francisco itself.
The financial hub of the United States with wall street at the center of the majority of its activities is also becoming a crypto hub. Popular blockchain startups such as CoinDesk and CoinTelegraph have found roots here too.
The different approaches to crypto exposure ranges from investing in crypto projects, to supporting exchanges like Redot and Binance.
Miami Mayor Plans to Turn Miami into a Crypto Hub
Francis Suarez, the mayor of Miami for 4years has made a big announcement on his social media platform, Twitter. Miami has not been left behind in the numerous cities that have taken up the digital currency campaign with a total number of 690 Bitcoin ATMs/Tellers found in the coastal metropolis.
The city of Miami has gone way ahead of most cities in the USA in the crypto path by involving itself in some crypto ventures without. The city has launched its own token called MiamiCoin which is still vaguely available on Redot.com and OkeX. There have also been various speculations that the citizens of Miami would be given the dividends of whatever profits that were made from MiamiCoin. There is a budding cryptocurrency ecosystem in Miami and it’s all down to the first citizen of Miami.
When Francis Suarez made the pronunciation that he was going to make the city a crypto hub or in his exact words a “cryptocurrency innovation hub” he was not kidding around. Since then he has liaised with a nonprofit and open source protocol called CityCoins. With CityCoins, citizens would be allowed to own a chunk of the coins they mint while the remaining would be redirected to the city. With this development. MiamiCoin is a by-product of CityCoins and the mayor has projected that the venture could yield millions of dollars. This step he said could bring about the development of the city and stave off poverty. But this step was just the beginning.
Miami Mayor To Take Big Crypto Leap
On Tuesday, 2nd of November, the Mayor of Miami made the announcement that he would be taking the step of being the first lawmaker in the United States to receive part of his next paycheck in Bitcoin. This was another feather in the cap of the mayor in his pursuit to make Miami a crypto space. With some public accounts showing that the mayor received a little below $100,000, he was going to receive about 0.13 BTC, an equivalent of $8,000 or thereabouts. Francis Suarez has aired the fact that he would not want the local government to go through the unnecessary trouble of converting his paycheck to crypto but would prefer to use the payroll service platform Bitwage to receive his payment.
The steps taken by the mayor in advancing the cause of cryptocurrency in his state has brought about major changes in the city. A trove of investors and companies have trooped into Miami to take advantage of an ecosystem that is forward thinking. It has been a breeding hub for tech investors too as tech-oriented personnel are finding a second option away from Silicon Valley. Contingents of PayPal and Shutterstock have visited The Magic City to meet the mayor for potential business opportunities.
The coastal city time in the sun is inching ever closer with every positive step taken by the head of the state. Miami has always been known as a city for holidays and relaxations but with the direction the city is moving, people would troop to the city for much more substance.