Popular Miami Mayor Will Receive Some Of Its Retirement In BTC

The popular Miami Mayor Francis Suarez will receive some of his 401K retirement payments in Bitcoin with the help of a third-party payment processor-Strike. In today’s Bitcoin news, we take a closer look at his decision.

The popular Miami Mayor announced his plans to take a part of his 401K retirement payout in Bitcoin, one month after he started receiving his salary in Bitcoin. After becoming the first US lawmaker to accept a part of his salary in Bitcoin, Suarez will now get a part of his retirement to Bitcoin based on a personal choice:

“I just think it is a good asset to be invested in. I think it’s one that’s obviously going to appreciate over time. It’s one that I believe in.”

Thank you Governor DeSantis for following Miami’s lead and welcoming crypto innovation and companies into Florida!

Now it’s your chance to take the lead as Governor and take your next paycheck in Bitcoin… @RonDeSantisFL you in? https://t.co/Zppp8DCiMe

— Mayor Francis Suarez (@FrancisSuarez) December 9, 2021

Francis Suarez outlined that Bitcoin’s success is tied to the confidence in the system which is an open-source system that can’t be manipulated. The mayor revealed that he started getting his salary In Bitcoin via the help of the payment processor Strike. The mayor shared that the city government accepts fee payments in BTC from Miami residents and while the Mayor explores the various options for enabling the BTC payments for the retirement savings, he is certain of establishing a relevant system by 2022. in an effort to drive Miami’s Bitcoin adoption drive, Suarez announced to give BTC yield as a dividend directly to eligible Miami residents. The city of Miami will also distribute BTC yields to residents earned by staking in the in-house crypto MiamiCoin which was launched by CityCoins to fund municipal projects. In a bid to transform the city into a crypto hub, Suarez said:

“We’re going to create digital wallets for our residents. And we’re going to give them Bitcoin directly from the yield of MiamiCoin.
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As recently reported, According to Ron DeSantis, the authorities have to allow local businesses to pay state fees with BTC and other alternative coins. The member of the Republican party and governor of Florida proposed that the government should allow all businesses to pay the state fees with crypto. He added that the authorities plan to launch a pilot program and to explore using blockchain technology in order to monitor motor vehicle records as well as to validate the Medicaid settlements.