Cryptocurrencies had a great year in 2021. In this period, we have seen the market go from being classified as a billion-dollar economy into a trillion-dollar economy. Aside from that, cryptocurrencies are gaining visibility in the mainstream world with, for example, El Salvador's adoption of Bitcoin as the official digital currency. As a result, investors are looking for the "new Bitcoin" on the market, hoping to find a great alternative in so-called altcoins. Unfortunately, many traders value an altcoin exclusively…
Francis Suarez – Mayor of Miami, Florida – recently said that he is preparing a Bitcoin airdrop for residents of the city. This comes on the heels of a budding rivalry between him and NYC mayor Eric Adams to create the most Bitcoin-friendly jurisdiction.
Free Bitcoin in Miami
Mayor Suarez revealed his plans in an interview with CoinDesk earlier today. They began discussing the city’s new cryptocurrency, MiamiCoin, which has earned the city over $21 million since launching in August. He said he would withdraw from those funds for the first time and stake the remaining $1 million on Bitcoin.
Suarez then announced that the yield it would generate could go to Bitcoin giveaways for Miami’s people.
“We’re gonna be the first city in America to give a Bitcoin yield, as a dividend, directly to its residents,” said the mayor.
The giveaway will work by creating digital wallets for the city’s residents by cooperating with various cryptocurrency exchanges. However, details on how exactly ‘residents’ will pass verification are still in progress.
The mayor also wants to ensure that residents and employees possess adequate information about Bitcoin. The mayor cites inflation as the primary reason. Also, he acknowledges Bitcoin as an alternative store of value and “currency” that cannot suffer from manipulation.
Suarez even showed some sentiments in line with Bitcoin maximalism:
“I do see very quickly a world where the Satoshi system is what is used to make payments. We need to make that leap… we need to increase the utility of Bitcoin, which increases the value even more, and also creates more functionality so people can be in a better currency.”
The mayor said that he envisions people eventually using Bitcoin as cash in his city, as well as for paying taxes.
Is Miami Winning The Race Against NYC?
Suarez’s announcement has scored him some points in his rivalry with incumbent Mayor Eric Adams of NYC. CityCoins recently announced a cryptocurrency for New York similar to MiamiCoin. As such, Suarez’s new utilization of the MiamiCoin to generate BTC will do well to set him apart.
Miami has set numerous precedents in the crypto space besides launching their own coin. Suarez was the first US politician to accept a Bitcoin paycheck when challenged by Anthony Pompliano.
Furthermore, Miami is home to the largest annual Bitcoin conference in the world. This year’s conference was where Nayib Bukele announced that he’d be making Bitcoin legal tender in El Salvador.