Miami will hand out free Bitcoin to residents from profits on city coin

According to Mayor Francis Suarez, every Miami resident who has a digital wallet can receive a Bitcoin dividend.

Suarez stated in an interview that “We’re going be the first city in America to offer Bitcoin yield directly to its residents.”

Citycoins introduced the MiamiCoin cryptocurrency in august. It helps to fund municipal projects through the generation of yield.

The city has seen a rise in stakes in MiamiCoin, which has yielded more than $21 million. Based on orders from the city, MiamiCoin deposits are converted into USD by its reserve wallet. Suarez stated that it is possible for the city to completely cover its tax costs if yields keep at this rate.

“Why don’t you tax people less?”

Why not tax people less? https://t.co/YXQGZlsPKI
— Parker Lewis (@parkeralewis), November 11, 2021

Residents will not need to have any MiamiCoins to get the free BTC.

Suarez stated, “We’re going create digital wallets to our residents.” “And we’re giving them Bitcoin directly from MiamiCoin yield.”

He stated that the ultimate goal was to get Bitcoin in the hands of more people.

Suarez is a prominent proponent of Bitcoin among local legislators. Suarez and Eric Adams, the New York City Mayor, announced last week that they would accept Bitcoin as their next paychecks. Jane Castor, Mayor of Tampa Bay, Florida, quickly agreed to their pledge.

Mayor Suarez made plans to transform Miami into a major crypto hub in February by passing the most progressive crypto laws. This year’s Bitcoin conference attracted the largest attendance in its history.

Related: Miami launches its own digital currency

According to Coingecko, Miami Coin prices rose 18% after Suarez’s announcement to reach a daily high at $0.0236948989

Cointelegraph reached out to the Mayor’s Office for more information.

https://cointelegraph.com/news/miami-will-hand-out-free-bitcoin-to-residents-from-profits-on-city-coin