Miami has officially become the first city to have a percentage of its Treasury Fund in bitcoin after the city’s mayor, Francis Suarez recently converted a part of the Fund to bitcoin.
The mayor made this announcement in a tweet on Friday, stating that the adoption of Bitcoin in the city will give way for the utilization of the digital currency in various ways.
Employees can opt to have a part of their salaries paid in bitcoin, residents who have bitcoins can use them when paying for fees, taxes can be paid using bitcoin, and a part of the city’s Treasury has been invested in bitcoin.
Mayor Suarez expressed his pleasure in the success of the adoption and implored the city’s residents to support this latest development to foster a tech-savvy environment in the city.
He said, ” It’s also a request of the state legislature that the city of Miami support efforts to make bitcoin an acceptable currency for us to potentially invest in in the future, it is wonderful to be a very crypto-forward city, in the city of Miami. I want to thank my commission colleagues for allowing that to happen.
Earlier in December, Mayor Suarez had indicated his interest to integrate Bitcoin into the city’s administration. He had replied to a tweet from the popular bitcoin proponent, Anthony Pompliano, stating that he would be open to exploring the conversion of 1% of Miami’s Treasury to bitcoin.
Now, barely two months later, residents of Miami have the opportunity to take care of their bills, taxes, and even receive a percentage of their salaries in the rapidly growing cryptocurrency, bitcoin.
With each passing day, bitcoin comes closer to mainstream adoption. The top cryptocurrency has been receiving a lot of attention from several asset managers, hedge fund managers, and other large institutional investors.
The cryptocurrency that had come into existence a little over a decade ago and was viewed by many skeptics as an uninvestable asset and a massive bubble, is fast disrupting the global financial system as we know it.
Banks and other financial service providers are joining the bitcoin trend and it is safe to say that bitcoin mainstream adoption is set to happen even sooner than we expected.
