Miami Mayor Working on Resolution to Add BTC to City’s Balance Sheet

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Miami Mayor Francis Suarez has revealed he is working on a resolution to add bitcoin to the city’s balance sheet, and pointed out that Tesla’s announcement on buying bitcoin was “very helpful” in making his decision.

The news came responding to cryptocurrency influencer Anthony Pompliano, who wrote that the “race is on to see what municipality is going to be the first to put bitcoin on their balance sheet” after responding to news of Tesla’s $1.5 billion bitcoin investment.

Responding to Pompliano, Mayor Suarez revealed he’s working on a resolution that’s set to be addressed at a city commission meeting on Thursday, February 11, and hinted Amazon could be next in adopting BTC.

Whether the resolution will gain any traction is unclear, but as Bloomberg reports the move is the first concrete step in Miami’s path to becoming more cryptocurrency-friendly. Suarez has in the past hinted the city will allow for specific types of BTC transactions.

Earlier this year, Mayor Francis Suarez revealed he was open to exploring allocating 1% of the city’s treasury reserves into bitcoin. The allocation, according to available data, would be significantly smaller than the investments several firms have made into bitcoin last year.

MicroStrategy, for example, has bought over $1 billion worth of BTC, while Tesla invested $1.5 billion into the cryptocurrency. Nevertheless, it shows adoptions for the cryptocurrency is still growing and further legitimizes BTC as an asset.

In January, a user asked mayor Francis Suarez to let citizens pay for city services in the flagship cryptocurrency “as a start.” In response, Suarez said the city will be “definitely” working on that this year.

Featured image via Pixabay.

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