Wednesday, September 29, 2021
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Miami Mayor Is Open to Bitcoin Investment

The Mayor of Miami, Florida, has said that he is "definitely open to exploring" the possibility of spending 1% of the treasury reserves of the city in Bitcoin.

On Twitter, the Mayor Francis Suarez, responded to a challenge from Anthony “Pomp” Pompliano, Morgan Creek Digital Assets co-founder and partner, who asked followers to retweet his post if they were prepared to “move to Miami” if Suarez wanted to take the bitcoin plunge with any of the reserves.

In response to a tweet asking about the possibility that Miami authorities “accepting bitcoin as a means for citizens to pay for city services and bills,” Suarez also replied that the city was “definitely going to be working on that in 2021,” adding, “We have a great [Chief Financial Officer] that minds the public treasure but is forward-thinking on blockchain and crypto technology.”

According to its financial report, the City of Miami had almost USD 657 million in pooled money, cash equivalents, and investments as of September 30, 2019.

In the meantime, a company incubator and the founder of the CryptoSX trading site, the Nasdaq-listed Greenpro Capital, has announced that it will open a BTC fund for investors. 

Greenpro announced in an official release that it would make the buy via its exchange subsidiary, and its CEO CK Lee said that it had “instructed our investment bankers to raise debt” to invest in bitcoin in the first quarter of 2021 “of up to USD 100 million.” Lee continued that “the company will also invest its own cash into [bitcoin].” And as Greenpro said, there was additional good news for altcoin supporters. “[We] believe that [BTC] and other top cryptocurrencies such as ethereum (ETH) will provide the opportunity for better returns and preserve the value of our capital over time rather than holding cash.”

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