Tuesday, December 7

Miami will distribute “bitcoin proceeds” to city dwellers

Miami continues to advance to become one of the most cryptomarket-connected cities in the world. In addition to the mayor wanting to receive his salary 100% in Bitcoin, the city administration also announced that it intends to pay dividends from its Bitcoin earnings to the citizens of Miami.

In an interview with the CoinDesk TV, Miami Mayor Francis Suarez announced that the city wants to become the first to carry out a program to pay dividends from bitcoin profits to citizens.

“We are going to be the first city to distribute Bitcoin proceeds as a dividend directly to residents,” he told the mayor.


The income in question is related to the staking of the cryptocurrency created by the city itself, MiamiCoin. The currency was created by the city as a way to advance Miami technologically and bring the city much closer to the cryptomarket, in addition to being a great sign of the positive position between the city and the sector.

Since its launch, MiamiCoin has been a considerable success, earning over $21 million in the past three months. During the interview Suarez said that if this revenue were annualized, it would represent about 1/5 of Miami’s total tax revenue, about $400 million.

The city hall’s idea is great news for a cryptomarket as a whole, distributing profit dividends can encourage many people to accept the “gift” and ultimately engage directly with cryptocurrencies, boosting adoption in the region.

“I see in the near future where Satoshi’s system will be what is used to make payments. We need people to understand that… yes, we want you to have Bitcoin, but we also want to increase the usefulness of Bitcoin.” said the mayor of Miami.


The city will make these payments through a digital wallet that will work with a variety of cryptocurrency brokers to allow residents to easily register and verify their identities.

With this, the US continues to move towards becoming a world capital of the cryptomarket. In addition to becoming the leading country in cryptocurrency mining after the bans in China, major cities now want to gain more and more space within the cryptomarket.

In addition to Miami, New York City, the most famous in the world, elected a mayor who was very supportive of Bitcoin, and even wanted cryptocurrency to become one of the subjects taught in schools.


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