Miami mayor is considering putting some of the city's treasury reserves into Bitcoin
The Mayor of Miami told Fox Business he wants to diversify the city's investment portfolio
Miami Mayor Francis Suarez said during an interview with Fox Business today (January 15) that he is considering moving some of the city's treasury reserves into Bitcoin, adding that he wants to diversify the city's investment portfolio by investing in Bitcoin.
"We are looking at the possibility of diversifying our investment portfolio and having and holding a percentage of our investments in Bitcoin," said Suarez.
"If I would have done it last year, I would have made 200% plus [return]. So I would have looked like a genius," he added.
On January 7, the price of Bitcoin reached an unprecedented level of $ 40,797, before beginning a decline earlier this week. The price has now started to rise again, reaching more than $40,000 (€33,000, £29,000) for a period of time on Thursday, January 14.
Suarez has also made it clear that he wants to make Miami technologically advanced and closer to cryptocurrencies.
“We’re looking at laws from Wyoming, Wisconsin, and New York, a regulatory environment and we have a tremendous amount of interest in tech right now,” he said. “We want to be one of the most crypto-forward and technological cities in the country.”
“So we're looking at […] creating a regulatory framework that makes us the easiest place in the United States to do business if you're doing it in cryptocurrencies.”
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He indicated that they are studying the possibility of accepting cryptocurrencies, especially Bitcoin, as a means of paying taxes and city fees.
"We’re looking at a variety of things from being able to make payments in crypto, in Bitcoin, in particular, being able to pay your taxes, being able to pay fees to the city," he said.
Suarez said he believes that the price of Bitcoin will only move in one direction and that is up, given that the supply of it is limited and use has become more widespread.
Although he admitted that the cryptocurrency is volatile.
"The fact that it is limited, the fact that other governments use to do a variety of things that have nothing to do necessarily with the exchange of goods, but to implement public policy, I think has made bitcoin a very attractive investment for many people," he said.
The mayor of Miami met the Winklevoss brothers, the co-founders of Gemini, three days ago to discuss cryptocurrencies, especially Bitcoin and the possibility of Gemini opening their Latin American headquarters in Miami.