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Miami Mayor to Add BTC to the City’s Balance Sheet

Miami Mayor Works to Add BTC to the City's Balance Sheet
  • Suarez made a resolution to move forward with investing city funds in Bitcoin.
  • He announced the resolution came after Tesla’s $1.5 billion Bitcoin purchase.
  • Recently, Suarez hired the city’s first Chief Technology Officer.
  • Moreover, Suarez made the decision despite Bitcoin being extremely volatile.

Francis Suarez, the Mayor of Miami, tweeted that he’s working on a new resolution. This resolution will push for investing city funds in BTC. Following Tesla’s $1.5 billion BTC purchase, the crypto market as a whole had a huge rise. Several coins achieved new all-time highs.

Moreover, influencer Anthony Pompliano responded to the news of Tesla’s BTC purchase. He said, “the race is on to see what municipality is going to be the first to put Bitcoin on their balance sheet”, and tagged the Mayor.

Suarez Working on Resolution to Add BTC to City’s Balance Sheet

Suarez, the Mayor of a city of about 454,000, dropped a tweet on February 8 stating his resolution. He plans to add BTC to the City’s balance sheet. The resolution made him one of the most visible crypto advocates in the country.

Furthermore, Suarez has promised to turn Miami into a kind of crypto hub. He even spoke with fellow crypto fan Tesla founder, Elon Musk, on another matter. Interestingly, the talk was about Musk’s wish to build a tunnel under South Florida for his Boring firm.

In addition, he also set up meetings with the Winklevoss twins and Bitcoin mining directors. Moreover, he hired the city’s first-ever Chief Technology Officer (CTO) and said he would like to interview the crypto advocate — Paris Hilton.

All in all, BTC is a highly volatile asset. While its fans promise long-term viability, most major financial firms still stay clear. According to CoinGecko, BTC’s price is at $46,655.78 with a 24-hour trading volume of over $88.29 billion, at the time of writing.

Crypto trading has enticed Alyssa Wiselin to write for CoinQuora. She consistently contributes news and feature articles. She has covered several different blockchain and crypto niches, especially altcoins.