Tesla’s $1.5B BTC Buy Reignites Miami’s Plan to Invest in Bitcoin

News / 09.02.2021

Tesla’s groundbreaking $1.5 billion investment in Bitcoin has reignited Miami Mayor Francis Suarez’s plans to add the world’s largest cryptocurrency to the city’s balance sheet.

Suarez tweeted yesterday that the plan of delving into the asset class will be deliberated at the city’s commission meeting scheduled for Thursday. 

“@elonmusk’s announcement was beneficial…now all we need is for @amazon to adopt and then,” Suarez added. 

The mayor made this known in response to a tweet made by famous Bitcoin proponent Anthony Pompoliano (Pomp), who suggested that the time has come to see which city would be the first to put BTC on their balance sheet. 

Pomp urged Miami to lead the way in the financial revolution as it has done in the past with other technological innovations. 

Miami, under the leadership of Suarez, has been bullish on Bitcoin. Earlier last month, the city uploaded a copy of Bitcoin on its official website. 

The move followed a comment stating that Miami is poised to become a “21st-century city” that embraces disruptive technologies challenging the existing system and improving how people interact with one another. 

Miami Believes In Bitcoin

Interestingly, the mayor said last month that Bitcoin’s technological potential to change the world after hosting the bitcoin whitepaper on the city’s website. 

Besides, Suarez disclosed earlier this month that the city is considering accepting taxes in BTC and may also use the cryptocurrency as a means of payment for salaries for Miami employees. 

These moves are among the three strategic plans Suarez hopes to utilize to convert Miami into a Bitcoin-friendly city. The mayor has always been vocal about his intentions to hold part of the city’s assets in the digital currency. 

Suarez has not stated how much of Bitcoin Miami will acquire, but he hinted last year that the city could invest about 1% of its treasury in the cryptocurrency. 

However, with Tesla announcing the groundbreaking purchase of Bitcoin and Apple positioned to offer cryptocurrencies, Miami may have gotten the needed motivation to commit a large percentage of the city’s treasury to the asset.

Mandy Williams joined the crypto space in 2016, and since then she has been learning and writing about cryptocurrencies and blockchain technology.