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Miami Mayor Open to Bitcoin Investment, Crypto Bill Pay Plans

Tim Alper
Last updated: | 2 min read

The Mayor of Miami, Florida, has stated that he is “definitely open to exploring” the idea of investing 1% of the city’s treasury reserves in bitcoin (BTC).

Francis Suarez. Source: A screenshot, Instagram/mayorofmiami

The Mayor, Francis Suarez, was reacting on Twitter to a challenge from Anthony “Pomp” Pompliano, the Co-founder and Partner of Morgan Creek Digital Assets, who asked followers to retweet his post if they would be prepared to “move to Miami” if Suarez decided to take the bitcoin plunge with part of the reserves.

And, in response to a tweet asking about the possibility of Miami authorities “accepting bitcoin as a means for citizens to pay for city services and bills,” Suarez also replied that the city was “definitely going to be working on that in 2021,” adding,

“We have a great [Chief Financial Officer] that minds the public treasure but is forward-thinking on blockchain and crypto technology.”

Miami, with its population of over 6m people, is the third most populous metropolis on the East coast of the United States, and it is the seventh-largest in the country, according to Wikipedia data.

As of September 30, 2019, the City of Miami had almost USD 657m in pooled cash, cash equivalents, and investments, according to its financial report.

Meanwhile, the Nasdaq-listed Greenpro Capital, a business incubator and the operator of the CryptoSX exchange platform has stated that it will launch a BTC fund for investors.

In an official release, Greenpro stated that it would make its purchase via its exchange subsidiary, and its CEO CK Lee claimed that he had “instructed our investment bankers to raise debt” in the first quarter of 2021 “of up to USD 100 million” to invest in bitcoin.

Lee added that “the company will also invest its own cash into [bitcoin].”

And there was further good news for altcoin advocates, as Greenpro claimed,

“[We] believe that [BTC] and other top cryptocurrencies such as ethereum (ETH) will provide the opportunity for better returns and preserve the value of our capital over time rather than holding cash.”

At pixel time (09:18 UTC), BTC trades at USD 27,669 and is up by 4% in a day and 17% in a week. It rallied by 49% in a month and 280% in a year.


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