Miami mayor to take retirement savings partly in Bitcoin

Miami mayor to take retirement savings partly in Bitcoin

Miami’s longstanding Mayor Francis Suarez has recently announced plans for taking a part of his payout (401)k in Bitcoin only after a month he had started receiving salary in the cryptocurrency.

Very soon after he has set the record of becoming the first US lawmaker who accepts a portion of his total salary in Bitcoin, Suarez has now expressed that he wants to dedicate a portion of his retirement savings to Bitcoin; the decision he said is based on “a personal choice.”

Suarez said that, according to him, Bitcoin is a “good asset” to be invested in and that people would appreciate it over time.

Suarez has also highlighted that Bitcoin’s success is firmly tied to the confidence in the ecosystem, which is inherently an “open-source, un-manipulatable system”. 

The Mayor also revealed that he has now initiated receiving salary payments in Bitcoin via a third-party assistance of payment processor Strike.

The Mayor even shared that the Miami City Government has now been accepting fee payments from the city’s residents in Bitcoin. While the Mayor is exploring the various options for enabling Bitcoin payments for retirement savings, he says he is “certain” that the system would be established by 2022.

As part of a bigger project of fueling Miami’s cryptocurrency adoption drive, Suarez had made an announcement on November 12 for giving Bitcoin yield as a dividend that would be available directly to every eligible Miami resident.

The City council of Miami would divide and distribute the Bitcoin yields to all its residents earned by staking its in-house crypto token, MiamiCoin, which had been launched by Citycoins for funding municipal projects by generating yield. 

In his mission to transform the city into a major crypto hub, Suarez stated that the city council would create digital wallets for the residents and that the citizens would be given Bitcoin “directly from the yield of MiamiCoin.”