Miami to gift free Bitcoin to citizens from City Coin profits

Miami is arguably the most crypto advanced city right now. The mayor of the city has been promoting crypto for a while now, and they even launched their own crypto called the city coin. And now the city of Miami will gift free Bitcoin to citizens from the profits they are making from the city coin. To be eligible for the same, one needs to have a digital wallet and that’s it.

Free Bitcoin to citizens

Miami will officially become the first city in the US to give free Bitcoins to users as a dividend yield. The idea of the city coin is that it generates yield by staking and helps in municipal projects. And at present, the yield has generated $21 million in excess for the city. And this is what the mayor wants to gift the citizens. In fact, Mayor Suarez also said that if things continue this way they might not even need to tax the citizens.

Miami to gift free Bitcoin to citizens from city coin profits

The best part of all this is that even if you don’t own any Miami coin you will still get the free Bitcoin. The city is going to create a digital wallet for the citizens and use the excessive yields to gift free BTC. He said that the ultimate goal is to put Bitcoin into the hands of as many people as people.

City mayors are becoming Bitcoin proponents

Mayor Suarez already became the first official in the US to announce that he will accept his paychecks in 100% Bitcoin. He has also made a lot of new laws and policies that have helped Miami become a crypto hub. And now, we are also seeing a new Mayor-elect in the US, Eric Adams to make NYC the hub for all innovation and crypto. Even he promised to accept his next 3 paychecks in Bitcoin. Eric also said that his goal will be to make sure NYC doesn’t lag behind in adopting new tech. It has always been the center for techs like self-driving cars, cybersecurity, life science, and more. Therefore, it’s important that the legacy that should continue.

What are your thoughts on Miami’s plans to gift free Bitcoin to citizens? And do you think that the city could even curb down taxes in the future? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.

Also Read: Austria plans to tax crypto and stocks like equals