Miami Mayor Francis Suarez 'Believes In Bitcoin'

January 28, 2021 04:30 PM
Crypto Story of the Day

Crypto Story of the Day

 

CRYPTO MOVERS AND PRICES

 

Crypto is broadly rebounding from yesterday’s sell-off which took the price of bitcoin (BTC) as low as about USD 29,280. Spot volumes are depressed on the move with BTC volumes exceeding those of Ethereum (ETH) for the first time this week on Bitfinex.  

Crypto Story of the Day

Miami’s mayor, Francis Suarez, tweeted yesterday that the city “believes in [BTC].” Suarez previously told Fox News the city is considering allocating some of its treasury to BTC. Suarez is placing crypto at the center of his efforts to attract tech businesses to the city of Miami.

Francis Suarez, a registered Republican, was first elected Mayor of Miami in 2009 and has been reelected twice since, both times running unopposed. Under Suarez’s tenure, Miami has started promoting itself as an emerging tech hub. In an interview with NBC News this week, Suarez cited the city’s regulatory and tax environments as key factors that make it so attractive to tech companies. On January 14, when asked why he wants to invest the city’s treasury into BTC, Suarez told Fox News “if [he] would have done it last year [he] would have made 200 plus percent…” 

The Mayor reiterated that the city is “looking at the possibility of diversifying [its] investment portfolio and having and holding a percentage of [its] investments in [BTC].” 

Suarez explained he believes that if “organizations like the City of Miami [and others] mainstream [BTC,] there’s only one direction that the prices are going to go” due to the coin’s limited supply. According to Suarez, the city’s also looking at laws from states like Wyoming, Wisconsin, and New York that have sought to create regulatory regimes with the goal of attracting crypto firms. He also wants to make city taxes and fees payable via crypto. 

2 days after that interview, Suarez held a meeting with Tyler and Cameron Winklevoss. The trio discussed “demystifying” crypto, creating a regulatory landscape that’s receptive to crypto in Miami, and the possibility of launching a Gemini Latin America headquarters in Miami. In that meeting, Suarez also said “we’re going to be making some announcements in the future…,” after which he proceeded to discuss making Miami the cutting edge of regulation.

On January 26, Miami’s municipal website published the Bitcoin Whitepaper and wrote “[t]he City of Miami is actively exploring how we can best utilize Bitcoin and related technologies and are committed to supporting and attracting businesses and entrepreneurs innovating in the space.”

Mayor Suarez has placed crypto at the center of his efforts to attract tech firms to Miami during a time when the broader relocation of tech firms out of California seems to be taking place. While BTC has seen mainstream adoption via participation from institutional actors, governmental embrace of the coin has been limited to warm tones on regulation. 

As a government official, Suarez has gone further than crypto-friendly regulation; he’s seemingly the first Western lawmaker to suggest allocating public treasury funds towards BTC. We feel that Suarez belongs to a cohort of regulators who are open minded about the contribution of crypto to a future financial system and his endorsements represent further evidence of the asset class’s growing mainstream adoption.  

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