Miami residents could soon start to get free Bitcoin thanks to the successful initiative by mayor Francis Suarez and the Miami coin so let’s read more in our latest cryptocurrency news.
Francis Suarez is among the most crypto-supportive politicians out there and he announced that he was working on a program to give out free Bitcoin to Miami residents thanks to the good results that were achieved by the city’s crypto project Miami Coin. Suarez explained in an interview that he was looking for a new way to distribute part of the Miami coin’s yield to the people of Miami and while some parameters are not defined yet, the idea is advanced.
Miami coin is a cryptocurrency that seeks to boost the city’s developments by creating a finance strategy for future projects. The technical part is the responsibility of the startup CityCoins and at the same time, the administrative and political aspects are managed by the city of Miami. Suarez claims to have raised about $21 million for the sale of the Miami Coin tokens and people buy them and stake them because they earn rewards. In the future, Miami Coin holders can receive other benefits as well that are associated with their investment. On the other hand, the city profits as it is the sole provider of the token. Suarez now wants to distribute a part of the token’s returns not only to Miami Coin holders but also to a broader group as he assigned a BTC Wallet to everyone in the city and granted some coins as passive income:
“We’re going to create digital wallets for our residents, and we’re going to give them Bitcoin directly from the yield of MiamiCoin.”
The mechanism to determine who will get the gift of free BTC hasn’t been decided as there’s no agreement whether the citizens eligible are voters, residents, taxpayers, or those that meet other criteria. The Mayor is a strong crypto enthusiast and he is determined to make his city a global hub for the blockchain technology industry. He was an innovator in including BTC reserves as a part of the city’s patrimony and also took part in several events to promote the redevelopment of the crypto industry in the country. For those that mine BTC and other PoW crypto assets, he even provided cheap energy while trying to get a hold of a part of the exodus of miners that arrived after china’s crackdown.
He claimed that he purchased BTC as well as Ether and asked to receive his first paycheck in BTC. With the industry paying even more attention, we saw FTX exchange purchasing the rights to the Miami Heats stadium and now it is called FTX Arena.
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