Many institutional investors are accepting digital assets including the Miami Mayor who has been impressed by the high performance of bitcoin despite the pandemic.
The cryptocurrency market had an amazing year last and still, dominant cryptos such as Bitcoin and Ethereum are seeing an uptrend in valuation this year.
Bitcoin which is trading at $35,000 has outperformed major world currencies. The city’s mayor is the latest prominent public figure to endorse the digital asset by considering the notion of investing a significant amount of the city’s reserve in the digital asset. Francis Suarez, who is currently mayor of Miami, is planning a financial mechanism on how the cryptocurrency may be utilized in the collection of the city’s taxes. Suarez is confident in bitcoin’s potential and views the digital asset as a worthwhile investment following a difficult last year.
Love it. Welcome home! https://t.co/YFHJijJeFs
— Mayor Francis Suarez (@FrancisSuarez) January 3, 2021
Mayor Suarez visionary plans for the City
Miami mayor Francis Suarez is consulting with the digital currency experts on investing a substantial amount of the city’s reserves in the digital coin. Suarez was born in Miami and earlier on worked 8 years as a commissioner in the city.
Anthony Pompliano, Morgan Creek Digital partner and yet to be a resident in Miami, has been exploring the economic potential of bitcoin for Miami city and how the mayor should invest 1 percent of reserves in the digital asset.
Tuesday last week, Pompliano had tweeted that retweet this if anyone would consider relocating to Miami city when the mayor invests some percentage of the city’s reserves in the digital asset. In a reply, Suarez said he was quite definite about exploring the bitcoin idea.
According to Danny the Hodler, a Twitter account, asserted that it was not unprecedented. Suarez further stated that Cynthia Lummis, Wyoming senator, and a bitcoin enthusiast, executed the bitcoin investment idea with Wyoming’s treasury earlier on, and also he would evaluate the steps they took.
Lummis who also holds some bitcoins said that bitcoin demonstrated a significant promise and had an economic potential as an option of a store of value for the dollar in terms of personal and institutional level. Moreover, Lummis assured to engage the congress on the viability of the cryptocurrency as a store of value for the economy.
Small Transaction Fees
For many bitcoin enthusiasts, the cryptocurrency having small transaction fees is among the reasons they prefer trading the digital asset. Regarding other credit/debit card transactions, bitcoins payments are quite cheap and convenient.
Credit card transactions are lengthy and even could take over a week if the user demands a charge-back. This implies credit card transactions may be surrounded by several delays. However, for bitcoin, the payment process is quick and smooth.