Crypto Crescendo Continues as Miami Mayor Considers Paying City Staff in Bitcoin

It truly does appear as though a financial revolution could be looming over the horizon, with a number of massive shifts in public fiscal consciousness occurring in recent months.

Recently, we’ve seen keen-eyed researchers on Reddit exploit a loophole in the stock market to boost a stock’s price from $8 to almost $500, all while completely manhandling billions of dollars that once belonged to massive hedge funds.  These social media-driven day-traders were so effective that several brokerage firms had to halt their operations in order to adjust for the influx of capital.  In essence, the internet broke Wall Street.

Another piece of this populist economic puzzle has been the mainstreaming of cryptocurrencies – online “coins” generated by granting computing power to the solving of a number of massively complex algorithms.

Economists are taking these crypto currencies seriously in 2021, and companies are beginning to hedge their investments with Bitcoin.  Tesla announced that they had bought approximately $1.5 billion wort of BTC back in January.

Now the Mayor of Miami is talking about possibly paying the city’s staff in Bitcoin.

Miami Mayor Francis Suarez proposed paying municipal workers and collecting taxes in Bitcoin, expanding a campaign to promote cryptocurrencies.

The mayor wants to allow the City of Miami’s workers to choose to receive all or a portion of their pay in Bitcoin, according to a resolution passed by the city’s governing commission. In addition, the mayor proposed allowing people to pay all or part of property taxes or city fees in crypto.

Although the commission approved the resolution 4-1, it significantly dialed back its original wording. It only agreed to study the practicality of such steps, rather than taking action, as the original proposal had suggested.

Suarez has been courting Silicon Valley investors and technology companies for months, and adopting Bitcoin is a critical part of that plan. “I think we’re on the cusp of seeing a major titanic shift on this,” Suarez told the city commission. ”It’s an industry that’s boisterous, vociferous and growing, and this would send the right signal.”

Bitcoin’s price reached all time highs again this week, as it hovers today around $47,000 in value.