Miami mayor considers diversifying city’s treasury reserve into Bitcoin

Miami’s mayor is considering diversifying the city’s treasury reserves into Bitcoin. In an interview with FOX Business on Thursday, Major Francis Suarez said,

We are looking at the possibility of diversifying our investment portfolio and having and holding a percentage of our investments in bitcoin.
If I would have done it last year, I would have made 200 plus percent. So I would have looked like a genius.

Bitcoin price started 2020 at $7,200 and ended the year at nearly $30,000, up 296%. The surge continued full-steam into 2021 reaching a record high of $41,987 on Jan 8th, 2021. The mayor thinks crypto assets particularly Bitcoin are becoming more and more mainstream and since Bitcoin’s supply is limited, there is only one direction the prices with go, “it’s going to go up”.

Additionally, he wants Miami to emerge as one of the most crypto-forward cities in the country. Suarez is considering to create a regulatory framework that makes Miami the easiest place in the U.S. to do crypto business. Along with regulatory norms, he is also looking into allowing citizens to pay taxes and fees to the city in bitcoin.