update 14 October 2021

Miami Becomes First Bitcoin Municipal In The US

While large institutions are adding Bitcoin to their company’s balance sheet, cities are not left out. In a tweet, the Mayor of Miami, F Suarez, expressed appreciation to the Miami authorities for supporting his resolution to add Bitcoin to the city’s balance sheet.

Bitcoin For Salaries and Taxes

He said, “I wanna thank the city of Miami commissioners for supporting my resolution which directs the city manager after analysis to procure a vendor to be able to offer our employees to get a percentage of their salary in Bitcoin, allows our residents to pay for fees in Bitcoin and also would allow the city manager to cooperate with Miami county to allow for taxes to be paid in Bitcoin.”

This step has attracted the attention of some public figures like Anthony Pompliano, a famous bitcoin proponent. In a tweet, the crypto proponent showed his excitement in the prospect of Miami getting into Bitcoin and termed the city as “the first Bitcoin municipal in the United States.”

The decision to take up Bitcoin as a payment option in Miami is not so surprising as the mayor had revealed his interest in the cryptocurrency several times. Late last year, in reply to a tweet made by Anthony Pompliano, “Retweet this if you would move to Miami if Mayor @FrancisSuarez put 1% of the city’s treasury reserves in Bitcoin,” Suarez replied by saying that he is open to exploring Bitcoin.

Intending to make Miami a hub for crypto-innovation, the city uploaded a copy of Bitcoin whitepaper on its municipal website in January, becoming the first US municipal to host Satoshi’s whitepaper on a government site. 

The upload had an accompanying write-up that said, “The City of Miami is dedicated to becoming a model 21st century city. We think that means embracing and supporting disruptive technologies that challenge the status quo and improve how we interact with one another. Bitcoin… is a technology we believe will transform the world.”

A Crypto Forward City

The city’s recent decision to dedicate a percentage of its treasury to cryptocurrency must have been triggered by Tesla’s $1.5 billion Bitcoin purchase. This conclusion is based on an earlier tweet where the Miami mayor mentioned that Elon Musk’s tweet was a motivating factor.

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Regarding Miami’s recent cryptocurrency development, Suarez stated, “The city of Miami supports efforts to make Bitcoin an acceptable currency for us to invest in in the future potentially. It is wonderful to be a very crypto forward city in Miami.”