The city of Miami, Florida says it will be one of the first regions in the world to offer “bitcoin yield” to its residents. Mayor Francis Suarez made the official announcement last week and said that crypto staked through Miami’s digital wallets will be used to benefit citizens.
Miami Is Moving In a Revolutionary Direction
Suarez has long worked to make Miami a major cryptocurrency and bitcoin hub. Not long ago, when several cryptocurrency miners were ungraciously kicked out of China, Suarez offered them the chance to come to Miami and set up new mining businesses. The idea was that their projects would ultimately create jobs and boost city profits.
In addition, for the past several weeks he has been engaged in online banter with New York City’s mayor-elect Eric Adams, who is looking to beat Miami and make the Big Apple the ultimately crypto haven of the world. Both mayors are now competing to ensure they are the first city officials in history to accept their paychecks in bitcoin. Suarez commented that he would be okay with receiving “100 percent” of his pay in bitcoin, while Adams countered the statement by claiming he would accept his first three paychecks in bitcoin.
The two cities are also competing through a firm known as City Coins, which has established two new assets for both Miami and NYC to enjoy. The asset for Miami is known as “Miami Coin,” while the asset designed for the Big Apple is called NYC Coin.
It is through this asset that Suarez says citizens will garner revenue. In an interview, he commented:
We’re going to be the first city in America to give a bitcoin yield as a dividend directly to its residents.
At the time of writing, Miami Coin has garnered more than $21 million in profits for the city through its mining process. Suarez says that the yield program will work through partnerships that the city is now forming with a variety of cryptocurrency exchanges. Residents looking to take part will be required to get wallets through these exchanges. They will have to register with the platforms and get verified so that they can obtain the tools they need to receive their digital shares.
Eventually, Suarez believes the program will be so revolutionary that it will even eliminate the need for Miami to pay taxes in the future.
Big Moves Like This Help Out a Lot
Nicholas Cawley – a crypto analyst at Daily FX – says that assets like bitcoin and Ethereum continue to endure grand price moves, which could ultimately boost staking protocols like those of Miami Coin. He comments:
The sharp move lower later in the session has been attributed by some to fears that beleaguered Chinese property giant Evergrande had missed coupon payments on one of its dollar bonds, although there remain conflicting reports over this.