The competition to build America’s largest crypto hub is heating up, with Miami emerging as the frontrunner after earning millions of dollars by staking Miami Coin.
According to Mayor Francis Suarez, each Miami citizen with a digital wallet will be entitled to receive a Bitcoin dividend. “We’re going to be the first city in America to directly distribute Bitcoin dividends to its inhabitants,” Suarez stated in an interview on Nov. 11.
In August, Citycoins introduced the MiamiCoin cryptocurrency, which generates revenue to help support municipal projects.
Staking MiamiCoin has resulted in over $21 million in revenue for the city. Its reserve wallet converts MiamiCoin deposits to USD in response to local officials’ requests. Suarez stated that if yields continue at this rate, they may be sufficient to meet the city’s tax obligations totally.
“Why don’t you simply reduce people’s taxes?” Residents, however, will not be required to own any MiamiCoin in order to qualify for the free BTC.
“For our residents, we’re going to build digital wallets,” Suarez explained. “And we’re going to send them Bitcoin straight from MiamiCoin’s yield.”
He stated that the ultimate goal was to get Bitcoin into the hands of as many people as possible. Suarez is one of the most vocal Bitcoin proponents among local legislators. Suarez and New York City Mayor Eric Adams declared last week that they will take Bitcoin for their next wages. Jane Castor, the Mayor of Tampa Bay, Florida, promptly matched their offer.
Mayor Suarez declared in February aspirations to transform Miami into a major cryptocurrency hub by establishing the city’s “most progressive crypto regulations.” In keeping with the theme, this year’s Bitcoin conference was hosted in Miami and drew the greatest turnout in the event’s history.
Miami Coin’s price increased 18 percent following Suarez’s remark, reaching a daily high of $0.02369489, according to Coingecko.
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