Francis Suarez revealed that he wants to invest city funds in the first cryptocurrency, and regrets that he did not do it sooner. This could bring the treasury more than 200% profit.
Miami Mayor Francis Suarez revealed in an interview with FOX Business that he is considering investing the city’s reserves in bitcoin. He clarified that he regrets that he did not do it a year earlier.
Then an investment in the first cryptocurrency would bring more than 200% profit to the treasury. Since the beginning of 2020, BTC has risen in price by 330%.
“We are considering the possibility of diversifying our investment portfolio, including the possibility of investing a share of assets in bitcoin … if I did this last year, I would have earned 200% of the profit,” said Suarez.
From his point of view, bitcoin will “only grow”. Suarez explained his opinion by the limited amount of BTC, its final emission is 21 million coins and cannot exceed this value. At the same time, the demand for the asset is growing, the mayor said.
He added that he wants to make Miami one of the most advanced and technologically advanced cities in the United States, including when it comes to the integration of cryptocurrencies.
In this regard, Suarez intends to develop a regulatory framework that will make the city “the most convenient place” for conducting crypto business. The Mayor, in particular, is interested in the possibility of making payments in digital assets and paying taxes on transactions with them.
For the first time, Suarez became interested in investing part of the city’s assets in bitcoin at the end of December. Then he wrote on Twitter that he would consider the idea of co-founder of the investment company Morgan Creek Digital Assets Anthony Pompliano to invest 1% of the city treasury in the first cryptocurrency.
On January 13, the first federal-level cryptocurrency bank appeared in the United States.
The Office of the Comptroller of the United States of America (OCC) licensed Anchorage. It provides digital asset custody services.
