Coinfomania: Where blockchain and cryptos live.

Miami’s Mayor “Open to Exploring” the Conversion of 1% of City Treasury to BTC

Every day, Bitcoin takes a step closer to mainstream adoption. With increasing interest from institutional investors and public figures, the hype surrounding the king of cryptocurrencies, bitcoin, continues to increase as well.

A fascinating display of interest occurred today when the Mayor of Miami, Francis Suarez, openly acknowledged that he is open to the idea of investing 1% of the city’s treasury reserve in bitcoin.

The mayor made this statement in a reply to a tweet posted by the popular bitcoin proponent, Anthony Pompliano. The crypto and bitcoin enthusiast had encouraged his followers to retweet his post if they “would move to Miami if Mayor Francis Suarez put 1% of the city’s treasury reserves in Bitcoin.”

The tweet garnered a substantial amount of retweets, capturing the interest of the crypto Twitter community. Things got even more interesting when the Mayor himself replied to the tweet:

Several other high-ranked administrative officials and popular figures in the cryptocurrency industry, including Florida’s Chief Financial Officer, Jimmy Patronis, and founder of Tron Foundation, Justin Sun, expressed their excitement at the Mayor’s reply.

However, there is no further information on whether any plans for the implementation of this idea will ever be carried out in the future. Nonetheless, it is very refreshing to see top government officials talk about bitcoin in such a manner.

Currently, no city or state has ever considered the idea of investing any percentage of its treasury reserve funds into cryptocurrency. So, if this proposal is implemented, Miami will be the first state to have a percentage of its treasury fund in bitcoin.

Things are surely looking up for Bitcoin as several top public figures and institutional investors are growing increasingly interested in the concept of investing in cryptocurrencies, with Bitcoin as an entrance point.

Just recently, the business intelligence application software vendor, Microstrategy, added 26,646 bitcoins to its treasury reserve worth about $650 million. The company has successfully converted $1,125 billion in its Treasury Reserve Fund to bitcoin and currently holds more than 70,000 bitcoins.

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