{"id":3077,"date":"2021-02-03T00:00:00","date_gmt":"2021-02-03T00:00:00","guid":{"rendered":"https:\/\/xcoins.com\/blog\/city-of-miami-proposes-bitcoin-salary-payments-for-employees\/"},"modified":"2025-01-27T14:17:52","modified_gmt":"2025-01-27T14:17:52","slug":"city-of-miami-proposes-bitcoin-salary-payments-for-employees","status":"publish","type":"post","link":"https:\/\/xcoins.com\/en\/blog\/city-of-miami-proposes-bitcoin-salary-payments-for-employees\/","title":{"rendered":"City of Miami Proposes Bitcoin Salary Payments for Employees"},"content":{"rendered":"\r\n

Much has been said about cryptocurrencies and the incredible opportunity they provide to individuals and businesses. With the assets gradually capturing mainstream attention<\/a>, several municipal authorities are also working to improve adoption in their jurisdictions.<\/p>\r\n\r\n\r\n\r\n

Bringing crypto to the people\u00a0<\/strong><\/h2>\r\n\r\n\r\n\r\n

The Mayor of Miami, Francis Suarez, is interested in launching several bitcoin-focused initiatives to ramp up adoption in his city, Forbes\u00a0reports<\/a>.\u00a0<\/p>\r\n\r\n\r\n\r\n

The Mayor, who has always been a fan of Bitcoin, is reportedly working to ensure that the city’s citizens can easily access Bitcoin and all the benefits that come with it.\u00a0<\/p>\r\n\r\n\r\n\r\n

One major initiative that Mayor Suarez wants to implement is to allow government workers to get paid in Bitcoin. The city is also working on a crypto portal for tax payments and possibly moving its treasury into Bitcoin\u2014following in the footsteps of Michael Saylor’s MicroStrategy.\u00a0<\/p>\r\n\r\n\r\n\r\n

Converting the city’s reserves into Bitcoin is a move the Mayor has openly\u00a0discussed<\/a>\u00a0in the past. Such a move will put Miami on the map\u2014setting a precedent that could lead to wide adoption from other cities in the U.S and around the world.\u00a0<\/p>\r\n\r\n\r\n\r\n

Deep-pocketed investors<\/strong><\/h2>\r\n\r\n\r\n\r\n

Miami isn’t the only city in the U.S that’s moving in a pro-Bitcoin direction. Tampa, a city with almost 400,000\u00a0residents<\/a>, has been on a massive Bitcoin adoption spree. The city has several retailers that accept Bitcoin, and an impressive 251 Bitcoin\u00a0Automated<\/a>\u00a0Machines (ATMs) installed.<\/p>\r\n\r\n\r\n\r\n

Miami’s financial investment could put the city into the company of investors that are showing faith in Bitcoin amid a weakening dollar and\u00a0rising inflation<\/a>. The past year has seen an influx of institutional investors – companies and organizations making substantial investments in Bitcoin.\u00a0<\/p>\r\n\r\n\r\n\r\n

\"Physical<\/figure>\r\n\r\n\r\n\r\n

Last year saw the entrance of companies like\u00a0MicroStrategy, the business intelligence solutions provider that now has over $1 billion locked in Bitcoin. Since last July, the company has made several further substantial BTC purchases. And it’s not ready to slow down.\u00a0<\/p>\r\n\r\n\r\n\r\n

Other top names include Grayscale Investments, which has about\u00a0$25 billion<\/a>\u00a0in assets under management\u2014and counts Wall Street powerhouse Rothschild among others, as clients.\u00a0<\/p>\r\n\r\n\r\n\r\n

British asset management firm Ruffer Investments also\u00a0purchased<\/a>\u00a0$750 million worth of Bitcoin last year. More recently,\u00a0several Ivy League universities\u2014including Yale and Harvard\u2014had been secretly acquiring bitcoin through their endowment funds<\/a>. Having so many of these different classes of investors now investing in Bitcoin is good news for the industry. Endowment funds and government agencies, in particular, indicate an appetite for long-term value creation, suggesting the current range of interest groups backing Bitcoin are not just short-term profiteers using Bitcoin for speculative purposes.<\/p>\r\n\r\n\r\n\r\n

To stay up to date on all things crypto, like Xcoins on\u00a0<\/em>Facebook<\/em><\/a>, and follow us on\u00a0<\/em>Twitter<\/em><\/a>,\u00a0<\/em>Instagram<\/em><\/a>, and\u00a0<\/em>LinkedIn<\/em><\/a>.<\/em><\/p>\r\n","protected":false},"excerpt":{"rendered":"

Much has been said about cryptocurrencies and the incredible opportunity they provide to individuals and businesses. With the assets gradually […]<\/p>\n","protected":false},"author":17,"featured_media":1914,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-3077","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news-2"],"yoast_head":"\nMiami Proposes Bitcoin Salary Payments for Employees I Xcoins<\/title>\n<meta name=\"description\" content=\"What does Miami's uptake of Bitcoin for salary payments mean for the king of crypto? 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