Miami Mayor Mayor Francis Suarez has been busy adding a personal touch to bring tech entrepreneurs to Miami. Seeking to blend the financial elements of New York City and the tech nature of San Francisco into a financial and tech haven in South Florida, the Mayor brings a different stance and political perspective on innovation. One of the many areas that this vision impacts is Bitcoin – something he believes, in an interview with Forbes, will be the “greatest story for years.”
The mayor admits that he has always been fascinated by the idea of bitcoin. His mathematical nature appeals to him and he is aware of Bitcoin’s growing popularity with the American people. There are three concrete avenues the city is taking to expand its bitcoin-friendly nature:
- Miami is considering giving city employees the option to pay their salaries in Bitcoin
- Local fees and taxes can be paid in Bitcoin or another cryptocurrency
- Eventually, the city’s treasury could put some of its investment capital in Bitcoin, which would be a first for major cities in the United States (and perhaps the world).
Although the mayor does not have an exact figure for the amount of his investments in exact percentages or absolute numbers, he knows that he would like to structure this into a public-private partnership, for which private partners can receive part of the reward for bearing risk from the public side .
A hypothetical example using arbitrary numbers: The city would invest about $ 250,000 in public funds in a fund, which would be supplemented with $ 750,000 in private Bitcoin from three major investors. The private investors would get the first funds to guarantee their return while the city would benefit from whatever is left.
Using the city’s investment power holds a lot of potential, but also a certain risk. For example, Miami’s treasury, according to the mayor’s memory, does not contain any goods and primarily sticks to cash and cash equivalents. This makes his intent in this area a keen interest in what holding Bitcoin can do for the city of Miami.
He’s also keeping an eye on the Bitcoin ecosystem and events after speaking at a Bitcoin event a few years ago, and plans to bring the Bitcoin 2021 conference to Miami.
Finally, the mayor is considering funding his re-election campaign with Bitcoin and joining a small sample of politicians who have raised money with Bitcoin. Combined with his presence on social media, efforts could bear fruit to help cement his tech-friendly personality as well as the treasury for his next re-election.
Not only does Mayor Francis care about his city, he’s also learning about other states and jurisdictions – and working to bring Wyoming-style bitcoin laws to Florida after reaching out to Caitlin Long of Wyoming and the Florida CFO , Jimmy, Patronis has spoken about introducing a bill in lawmakers that would bring Wyoming-style Bitcoin regulations to Florida.
The mayor concluded the interview by saying that many people “underestimated” this story (the story of Bitcoin) and it looks like he will not be one of them in these actions. The Mayor of Miami combines hosting innovators with a drive to bring Bitcoin to the stage.