Miami citizens will be paid Bitcoin dividends from the city’s cryptocurrency stake.
Crypto-friendly mayor of Miami City Francis Suarez has announced that Miami will be the first city that gives Bitcoin dividends to its citizens in the world. The citizens of Miami will get rewards from the city’s cryptocurrency stake.
The decision of the mayor is welcomed by the global community of crypto. It has been seen as a big step towards crypto adoption. At the beginning of this year, Francis Suarez said that he is holding Bitcoin and Ethereum.
In a recent interview with CoinDesk TV, Suarez outlined that the crypto community needs to increase the utility of Bitcoin. “We’re going to be the first city in America to give a bitcoin yield as a dividend directly to its residents. We need people to understand that … yes, we want you to hold bitcoin, but we also want to increase the utility of bitcoin,” Suarez mentioned.
New Crypto Hub: Miami City
Recently, Blockchain.com, a cryptocurrency financial services company, announced that it is planning to shift the company’s US headquarters to Miami. Since the city has Bitcoin-friendly policies, many other major firms moved to the city in the last ten months.
“The city is looking at ways to introduce Bitcoin digital wallets to distribute the yield to residents, with a registration and verification system likely required to ensure only people living within the city limits benefit from the program. Miami has gained traction during the pandemic as an alternative finance hub to New York, with fierce competition between the cities now to attract talent and businesses. Earlier in the month, Suarez announced he would take a paycheck solely paid in bitcoin,” Simon Peters, Market Analyst at eToro, commented on the recent developments.