Miami mayor considers bitcoin investment to create crypto hotbed
Mayor Francis Suarez hopes embracing cryptocurrencies will attract the tech industry to his city
The mayor of Miami wants to make his city more appealing to the tech industry by embracing bitcoin and even investing some government funds in the cryptocurrency.
“If I would have done it last year, I would have made 200 plus percent,” Mayor Francis Suarez said on FOX Business' “Varney and Co.” “So I would have looked like a genius.”
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The mayor told host Stuart Varney that Miami is looking into allowing citizens to pay taxes and fees to the city in bitcoin.
“We want to be one of the most crypto-forward and technological cities in the country,” he said. “So we're looking at … creating a regulatory framework that makes us the easiest place in the United States to do business if you're doing it in cryptocurrencies.”
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Bitcoin surged by as much as 284% from the beginning of October through its record high of $40,797 on Jan. 7. After significant losses earlier this week, the cryptocurrency has bounced back, with the price hitting above $40,000 for a certain period of time on Thursday morning, according to CoinDesk.
Suarez is hoping the move toward bitcoin may appeal to the tech industry and lead more high-tech companies to move to Miami.
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“I want the creative and the innovative class to come here and create high-paying jobs for my residents,” he said.
Suarez said bitcoin is “a very attractive investment” and that the city of Miami is considering “diversifying our investment portfolio” and holding a percentage of investments in bitcoin.
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He believes the price of bitcoin will increase as the currency becomes more mainstream.
“It's only going to go up,” Suarez said.
FOX Business’ Jonathan Garber contributed to this article.