Francis Suarez, the Mayor of Miami City known for his crypto-friendly stance, announced recently that Miami will become the first city in the world to give its citizens a Bitcoin dividend. Miamians will be able to get BTC rewards from the staking of the city’s cryptocurrency.
The global crypto community welcomed the latest decision from Suarez and termed it as a major step towards crypto adoption. Earlier this year, the Mayor of Miami said that he holds Bitcoin and Ethereum.
In a recent interview with CoinDesk TV, Suarez outlined that the crypto community needs to increase the utility of Bitcoin. “We’re going to be the first city in America to give a bitcoin yield as a dividend directly to its residents. We need for people to understand that … yes, we want you to hold bitcoin, but we also want to increase the utility of bitcoin,” Suarez mentioned.
In the past, the Mayor of Miami remained vocal about the use of energy in Bitcoin mining. According to him, the United States has clean energy for BTC mining.
Miami, the Next Crypto Hub?
In June 2021, Blockchain.com, a leading crypto services provider, announced that the company is planning to shift its US headquarters to Miami. In the last 10 months, several other leading crypto firms have moved to the city because of its Bitcoin-friendly policies.
“The city is looking at ways to introduce Bitcoin digital wallets to distribute the yield to residents, with a registration and verification system likely required to ensure only people living within the city limits benefit from the program. Miami has gained traction during the pandemic as an alternative finance hub to New York, with fierce competition between the cities now to attract talent and businesses. Earlier in the month, Suarez announced he would take a paycheck solely paid in bitcoin,” Simon Peters, Market Analyst at eToro, commented on the recent developments.
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