Crypto

Re-elected Miami Mayor to Take 401(K) Retirement Savings Partly in Bitcoin

Bitcoin

Miami’s re-elected mayor plans to invest part of his 401(k) retirement savings in Bitcoin (BTC).

With the help of a third-party payment processor, Strike, Miami Mayor Francis Suarez also receives a portion of his salary in Bitcoin (BTC)

Francis Suarez, the long-serving mayor of Miami, has announced plans to collect a portion of his 401(k) payment in Bitcoin (BTC), just a month after starting to receive a salary in Bitcoin (BTC).

Francis Suarez wants to dedicate a portion of his retirement savings to Bitcoin (BTC) based on “a personal choice,” he said in an interview with Real Vision. He stated that shortly after becoming the first United States of America legislator to accept a portion of his salary in Bitcoin (BTC), he simply believes it is a worthwhile investment. He also expressed that he believes it will undoubtedly appreciate in a long time.

Bitcoin’s success, according to Francis Suarez, is inextricably linked to public trust in the system, which is intrinsically an “open-source, un-manipulable technology.” The mayor announced that, with the help of a third-party payment processor called Strike, he has begun accepting salary payments in Bitcoin (BTC).

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The mayor also mentioned that the city government welcomes Bitcoin as a form of fee payment from Miami citizens. While the Mayor considers several solutions for facilitating Bitcoin payments for retirement funds, Suarez is confident that a viable system will be in place by 2022.

Mayor Suarez said on November 12 that Bitcoin (BTC) yield would be distributed as a dividend to every eligible Miami resident to further accelerate the city’s Bitcoin adoption campaign.

The city of Miami will divide and distribute BTC yields to people earned by staking its in-house cryptocurrency, MiamiCoin, which was originally developed by Citycoins to fund municipal programs by generating yield, according to Cointelegraph. Suarez said, to turn the city into a significant bitcoin hub:

“For our residents, we’re going to build digital wallets.” And we’re going to offer them Bitcoin straight from MiamiCoin’s dividend.”

The Author

Samuel Adeshina

Samuel is a financial reporter whose interests include blockchain, market, business, insurance, and Crypto to provide relevant information to all interested.