Cryptocurrency: Miami Mayor Francis Suarez wants the city to start paying public employees in Bitcoin

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The Mayor of Miami, Francis Suarez, has tried to formulate ways in which the city could become a crypto hub for the US. Earlier this year, Suarez said the city plans to pay government employees their salaries in bitcoin and also allow citizens to pay city taxes using the cryptocurrency. Suarez has now announced that the city will make a formal proposal later this month to turn these promises into reality.

Miami had previously put forward a proposal for the city to invest in Bitcoin, but Florida restrictions do not currently allow local governments to trade such a volatile asset.

Suarez stated in an interview with Bloomberg, “If we could have held it from the moment I put the resolution on our agenda, it would have increased 30 or 40 percent so I would have looked like a genius back then,” said he. “But that’s how it works.”

Suarez remains a strong believer in Bitcoin alongside other prominent cryptocurrency supporters such as Elon Musk and the President of El Salvador, Nayib Bukele. Suarez recently criticized JPMorgan Chase CEO Jamie Dimon for calling Bitcoin “worthless”.

Bitcoin is “definitely not worthless,” said Suarez, pointing out how quickly the cryptocurrency’s value has skyrocketed over the past year. “It has increased significantly since we last talked about it,” added Suarez. Based on the current trends, the rating of the world’s most popular cryptocurrency has risen by over 94 percent in the past year.

Suarez also highlighted the international community’s enthusiasm for the asset class. Bitcoin was introduced as the base currency in a number of countries in Africa, Central America, and South America.

Interested in cryptocurrency? We discuss everything about crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music, and anywhere you get your podcasts.

Cryptocurrency is an unregulated digital currency, not legal tender and is subject to market risks. The information provided in this article is not intended or constituted as financial advice, commercial advice, or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any loss arising from any investment based on perceived recommendations, Forecasts or other information contained in the article.

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