Miami’s mayor plans to reinforce the city’s treasury reserves with BTC | Invezz

Francis Suarez, Miami’s pro-crypto mayor, is working on a plan to bolster the city’s treasury reserves with Bitcoin (BTC). Suarez unveiled this bullish information through a tweet on February 8, noting that the city’s commission would hold a meeting on February 11 to address the matter. He posted the tweet in response to another tweet from Anthony Pompliano, a renowned BTC proponent.

After discovering that Tesla had purchased BTC worth approximately £1.01 billion, Pompliano tagged Suarez in his tweet and added that the race to determine which municipality would be the first to add BTC to its balance sheet had started. Pompliano nudged Suarez further by saying, “Let’s make sure Miami continues to be the national leader in anything technology related”.

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Responding to this, Suarez said,

Working on a resolution for our commission for this Thursday’s meeting to get the ball rolling… @elonmusk ’s announcement was very helpful.

However, he noted that if Amazon decided to dip its toes in the crypto sector, the news would significantly benefit BTC, helping the coin surge further.

Going all-in on crypto

This news comes after Suarez appointed Saif Ishoof, the vice president of engagement for Florida International University, as the city’s first-ever Chief Technology Officer. Reportedly, this appointment was part of the mayor’s broader plan to make Miami a tech hub.

Before this, he also met with Cameron and Tyler Winklevoss, the founders of Gemini Exchange, where he disclosed that he sought to make Miami a crypto capital. During the meeting, the Winklevoss twins highlighted how Miami and its residents would benefit from adopting crypto, pointing out crypto-specific perks such as enjoying zero-remittance fees and instantaneous transactions.

In response, Suarez said Miami has the potential to become a technological hotbed.  He noted that the city has a reputation for being a financial hub. Apart from this, Miami boasts enough capital and a rich banking network that would help drive the mass adoption of crypto. However, he said that the city would have to embrace crypto first.

While it is not clear if the Thursday meeting might result in Miami going the crypto way, the mere fact that Suarez organized it is a great gesture, considering he only became a visible crypto advocate recently.