Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $1,165 trillion. Bitcoin is up by over 2% after a rollercoaster of a week. Ethereum decreased by almost 1% over the past seven days. XRP gained more than 15% in value this week. Almost all altcoins are trading in the green, with very few exceptions. The DeFi sector decreased the total value of protocols…
Miami Mayor Wants to Pay Employees in Bitcoin
In a recent interview with Bloomberg, Miami mayor, Francis Suarez, admitted that he wants to pay government employees in Bitcoin. However, regarding the use of cryptocurrencies, he said:
“We have to differentiate ourselves as a crypto capital of the United States or of the world.”
Earlier this year, Miami introduced a proposal to allow the city’s authorities to invest in Bitcoin. However, the proposal has been stalling since February because Florida doesn’t allow investments in volatile assets. Next, Suarez added:
“If we would’ve been able to hold it from the moment that I put the resolution on our agenda, it’d be up by 30 or 40%, so I would’ve looked like a genius back then. But that’s the way it works.”
Thanks to Francis Suarez, Miami is slowly becoming a cryptocurrency hub in the U.S. Besides the idea of employees receiving their salaries in Bitcoin, the city came up with a new cryptocurrency, MiamiCoin. Furthermore, the city’s digital asset has already gained over $5 million as of October. Also, some sources state that this project generates $200 per minute.
Miami’s mayor is also popular for opposing Jamie Dimon. The CEO of JPMorgan is against Bitcoin and often says, “Stay away from Bitcoin” or “Bitcoin is worthless.”
Recently, at “Varney & Co.,” Francis Suarez declared that Bitcoin is “definitely not worthless.” Also, he pointed out its USD value, which is over $57,000 at the moment. In his opinion, this cryptocurrency “has only one way but to go up.”
Lastly, Suarez does not only support Bitcoin, but he’s also a HODLer. For instance, he stated in June that he entered the cryptocurrency market by investing in Bitcoin and Ethereum. Therefore, it is clear why the mayor wants Miami to become the first city in the U.S. to pay its employees in BTC.