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February 2, 2021 11:10 pm

Miami Is Considering Paying Its City Employees In Bitcoin

The city of Miami is considering giving its employees the opportunity to get their salaries paid in bitcoin. It's all part of a plan to bring more tech entrepreneurs to Miami. In addition to the bitcoin salaries, the city is also considering allowing local fees and taxes to be paid in bitcoin or some other cryptocurrency. The city's treasury may also place some of its investment capital into bitcoin, which would be a first for major cities in the U.S. Forbes reports: While in exact percentage or absolute terms, [Miami's mayor, Mayor Francis Suarez] hasn't got an exact figure for how much investment he wants to place -- yet he knows he wants to structure it in a public-private partnership where private partners can take some of the reward for defraying risk from the public side. An hypothetical example with arbitrary numbers: the city would invest about $250,000 in public funds into a fund that would be supplemented with $750,000 in private bitcoin from three large investors. The private investors would get the first funds out to guarantee their return, while the city would benefit from anything left. He's also keeping an eye out on the bitcoin ecosystem and events, having spoken at a bitcoin event a couple of years ago, and looking to bring the Bitcoin 2021 Conference to Miami. Finally, the mayor is considering financing his reelection campaign in bitcoin, joining a small selection of politicians who have raised funds in bitcoin. Combined with his social media presence, the efforts could bear fruit that helps solidify his tech-friendly persona, as well as the treasury for his next re-election.

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