Ever heard of “Bitcoin city”? If you haven’t, it could be because of one of the three things. The first is you don’t follow cryptocurreny and don’t know what Bitcoin is. Secondly, the case may be that you know what Bitcoin is, but you don’t care. And finally, the most obvious thing is you might not be living in Miami. But now that you are at Techstory, you will know exactly what the people in Miami do. In short, Francis Suarez, the mayor of the city, says that Miami could become the cryptocurrency capital of the world. He added, “We want to be on the next wave of innovation.” And if that happens, “Bitcoin city” could be a real thing.
The idea of “Bitcoin city”!
With the increasing popularity of Bitcoin, two things are happening. There are governments that are planning to ban crypto for whatever reason. And then we have cities that are embracing Bitcoin like Miami. The mayor of the city suggested that the city should start accepting tax payments in Bitcoin. At the same time, he also said that investing in city funds using crypto would be a good idea. This idea was also not outrightly rejected by the officials who agreed to study the proposal.
Francis Suarez’s strong stance in favor of Bitcoin turned the heads of many. He received a lot of campaign donations from big investors and also got a lot of fame in the cryptocurrency community.
As exchanges get more popular with the popularity of Bitcoin, it is obvious that we can expect great business from them. In fact, one of the major exchanges in Miami, FTX, is looking to get the naming rights in the NBA arena of the city. And they have almost finalized the deal, and it might go through as soon as this Friday. This will mark the beginning of a new line of sponsorships as this is the first crypto NBA partnership we are seeing. As of now, the naming license is held by Miami Dade County that pays the team $2 million per year for the deal. Even Francis commented on the deal, saying that, “It’s awesome that we’ve attracted a huge cryptocurrency exchange.”
On the other hand, Miami has also attracted a lot of people to relocate there due to their police. During the pandemic, a wide shift was seen from silicon valley and NY to Florida, Miami. The arrival of more people in the city brings in more talent and innovation, which in turn brings in more people. If the city is soon able to introduce laws that regulate crypto and take full advantage of it, then we can expect a lot more from the “Bitcoin City.”
What are your thoughts on the Bitcoin city that Miami is planning to make? And do you think it will be successful? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.