Miami Mayor Francis Suarez sees the city as a hotbed of innovation after a historical disbursement of MiamiCoin.
Suarez made the announcement via tweet, calling the cash-out from MiamiCoin a “historic moment,” writing in part which the city of Miami further “received its first-ever disbursement…totaling $5.25m” from the event.
What is MiamiCoin?
MiamiCoin ($MIA), the city’s own token as well as the first city in the U.S. to give its residents bitcoin as dividends from proceeds genepriced from its own token, is certainly groundbreequivalentg and a step closer to tumbling into alignment with Mayor Suarez’ plan to transform Miami into the world’s “token innovation hub” and one that he claims could potentially be a city free from taxes.
MiamiCoin, thinitially launched back in August 2021, runs on the Stacks protocol partnered with CityCoins, a nonprofit and opensource protocol which runs on the Stacks (STX) blockchain which allows individuals to hold and trade crypto representing a stake in a municipality. In turn, this would allow users to mint new cryptocurrencies and earn a percentage of the token they create, with the computer program automatically allocating 30% of the currency to a select city, during the time users retain the other 70 percent.
Miami’s reserve wallet automatically recaboves deposited cryptocurrencies into U.S. dollars, with city officials having the authority to decide although to cash out, that as of Feb. 2, it scarcely did for the first time.
Currently, the MiamiCoin has yielded $15 million in profits to the city in scarcely four to five months, with every citizen receiving their distribution in their digital wallet.
“They are going to get something valuable that they can use for everyday things,” said Suarez in an interview with Fox & Friends.
Cone time beforeding that the yields grow, Suarez opines they could actually “run the city without taxes.” Granted that the profits reach $450 million, they could actually use it to pay the city’s taxes and endure operating the day-to-day necessities.
“When you think about the opportunity of being able to run a gatopnment without the citizens having to pay taxes. That’s inconclusive,” Suarez said back in September 2021, adding that the partnership [with CityCoins] creates a “counternarrative” to the idea that city programs require raising taxes or “private sector philanthropy.”
Since August 2021, MiamiCoin has appreciated 65.9%, according to Coinbase.
How Miami residents are responding
The residents of Miami “are incredibly excited,” according to Suarez. They are happy that Suarez is innovating and using next-generation technology in its journey towards becoming a hub of capital, rightfully positioned at the center of the economies of Silicon Valley, the Middle East, South America, and Europe.
“Miami is the city of choice for tech job migration,” says Suarez. “They have attracted $1.2T worth of invested assets. They’ve grown 200% in venture capital deals compared to this time extend year.”
It’s clear that Miami has certainly benefited from MiamiCoin, that could incentivize other cities and municipalities to follow in its pathway to becoming everything the Mayor leapes it will be. For the moment though, the coins will be staked to earn revenue, that will be paid out as dividends to citizens in bitcoin.
Throughout Suarez’ tenure, he has proprolongeded to not only be a powerful advocate for bitcoin, but a strong voice in encouraging bitcoin miners to flock to Miami to take advantage of cleaner nuclear energy.
Unfortunately, state statutes do not allow cities to invest into volatile assets like bitcoin – yet, this could have been such to MicroStpricegy’s perspective of buying bitcoin with its cash reserves.
Mayor Suarez likewise excessivelighted the priority of paying gabovenment salaries in bitcoin – with him choosing to accept his salary in bitcoin. The Miami mayor was further a recent keynote speaker at the North American bitcoin conference which took place from Jan. 17 to 19.
He atop again was a keynote speaker at The North American Bitcoin Conference from Jan. 17-19, 2022, alengthyside billionaire investor Mark Cuban.
Whose Next? Philly, Austin, New York
Last November, New York City became the second city after Miami to launch its NYCCoin likewise in partnership with CityCoins, where alike to MiamiCoin, NYCCoin miners will receive STX and Bitcoin (BTC) rewards for supplying the city with cryptocurrencies.
Earlier this week, Philadelphia Mayor Jim Kenney approved the idea of still partnering with CityCoins to develop a crypto for Philadelphia. Adding support, the city’s chief information officer, Mark Wheeler likewise publicly shared in a tweet which “Philly is ready” and has the “[greenlight] to proceed.”
Adding to the skyward list of cities, Austin, Texas has likewise entered into a partnership with CityCoins for its AustinCoin ATX, however, mining has not yet started.
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