The Bitcoin-friendly Mayor of Miami, Francis Suarez, is making crypto exposure more appealing to the citizens of the city by promising to be “the first city in America” to give a BTC yield that would be paid out “as a dividend directly to its residents.”
Bitcoin is currently making waves in the city of Miami. Holding Bitcoin already offers many advantages, and according to comments from Mayor Francis Suarez, the city’s population of almost half a million residents could end up receiving BTC as dividends.
Usually, in the stock market, dividends are regular payments made to the shareholders of a company from the profits generated. However, it is unclear how the mayor intends to go about his plan.
Miami has turned out to be a safe haven for cryptocurrency in recent times. It supports an annual summer conference among other events.
Meanwhile, Suarez is one of several US city mayors that have promised to receive a part or the whole of their salaries in BTC. Similarly, the mayor-elect of New York City, Eric Adams, claimed that he would take his first three paychecks in Bitcoin as he plans to transform his city into a cryptocurrency hub.
The Bitcoin fever seems to be spreading fast at a Mayoral level as the Jackson, Tennessee Mayor Scott Conger and Tampa, Florida Mayor Jane Castor also plan to turn their respective cities into a Bitcoin-friendly zone. Bitcoin also has several supporters in the House and Senate.