As Bitcoin continues to break all-time price records on its historic bull run, Francis Suarez, the Mayor of Miami said he was “open to explore” putting a percentage of Miami’s treasury reserves in Bitcoin.
This topic of conversation was initiated by Anthony Pompliano on Twitter. The co-founder of Morgan Creek Digital Assets, a blockchain-based investment firm, said, “Retweet this if you move to Miami if Mayor Francis Suarez places 1% of the city’s treasury reserves in Bitcoin.”
Pompliano received a prompt reply from Mayor Suarez, who Tweeted back:
Considering this magnitude, the mayor of a major U.S. city is a massive step in the mainstream adoption of Bitcoin.
A Would-Be Bitcoin Milestone
If Mayor Suarez actually decides to invest a portion of Miami’s treasury reserve in Bitcoin, it would be the first U.S. city to own an allocation in its reserves.
According to the Miami Herald, Miami had some $95 million in reserves as of April 2020, which means that just one percent of the allocation would amount to almost $1 million.
This would be a very small investment in the city’s treasury, but it would be a massive milestone in how Bitcoin is viewed. If the treasury invests in Bitcoin from one of the largest cities in America, it could begin to set the standard.
A Trend that’s Already Begun
So far in 2020, we’ve seen many different companies, both public and private, invest part of their treasury reserves in Bitcoin.
The largest and most significant investment comes from MicroStrategy, a business intelligence firm that has invested more than $1.3 billion of its treasury reserves in Bitcoin. Michael Saylor, CEO of MicroStrategy, also owns $100 million worth of Bitcoin as a vocal proponent of cryptocurrency as a hedge against inflation.
With continued global economic uncertainty on the rise of massive inflationary fiat currencies like the US dollar, many companies and organisations have begun to turn to Bitcoin as a potential remedy.
It’s hard to say if this friendly Twitter proposal ever comes to fruition, but even the idea being discussed by government officials is an extremely positive sign for Bitcoin.
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