Miami Mayor Francis Suarez is exploring putting a percentage of his city’s treasury reserves in bitcoin. Miami is currently working on accepting the cryptocurrency as a means of payment for city services and taxes. The mayor believes that “Bitcoin has been a stable investment during an incredibly unstable year.”
Francis Suarez, the mayor of the U.S. city of Miami, Florida, has been discussing with the crypto community about putting a small percentage of the city’s treasury reserves in bitcoin. The first Miami-born mayor, Suarez previously served as Miami Commissioner for District 4 for eight years.
One soon-to-be Miami resident is Morgan Creek Digital partner Anthony Pompliano, who has been discussing what bitcoin can do for Miami and why Suarez should put 1% of the city’s treasury reserves in the cryptocurrency.
Pompliano tweeted on Tuesday, “Retweet this if you would move to Miami if Mayor Francis Suarez put 1% of the city’s treasury reserves in bitcoin.” Suarez replied:
Definitely open to exploring it.
Twitter handle Danny the Hodler chimed in, claiming that “It’s not unprecedented.” He asserted that the pro-bitcoin Senator-elect from Wyoming, Cynthia Lummis, “has done that with Wyoming’s treasury way before anyone else even thought of the idea.” Suarez replied, “Will look into what they did.”
Lummis is a bitcoin hodler who said “Bitcoin to me has shown great promise and may rise as a viable alternative store of value to the U.S. dollar both on the institutional level and the personal level.” She has promised to ensure that Congress understands that bitcoin is a great store of value.
Suarez recently tweeted:
Bitcoin has been a stable investment during an incredibly unstable year.
The mayor of Miami has also been discussing “being able to use bitcoin and other cryptos to pay property taxes and city fees,” he revealed on Dec. 22. Replying to a tweet on Tuesday about Miami accepting BTC as a means of payment for the city’s services, he confirmed:
We are definitely going to be working on that in 2021.
Do you think Miami should put a percentage of its treasury reserves in bitcoin? Let us know in the comments section below.
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Bitcoin soars to a new record above $34,000 over the weekend
Bitcoin soared to a new record high above $34,000 over the weekend and has tripled in value in the past year.
After first topping the $33,000 level Saturday, bitcoin briefly crested $34,000 on Sunday. As of Sunday night, a single bitcoin traded for about $33,300.
Investors have been attracted to the cryptocurrency as the U.S. dollar has weakened and with the Federal Reserve expected to leave interest rates near zero for several years, well known names are adding to bitcoin’s appeal.
Investors have been attracted to the narrative that the cryptocurrency could act as a store of wealth amid rampant central-bank money printing in the past year to bolster an economic recovery from the coronavirus pandemic.
This isn’t bitcoin’s first price spike. It had a rally in 2017 but its price slumped to just over $3,000 by early 2019 as China cracked down on cryptocurrency businesses. It then soared past $20,000 in December, climbing rapidly in the past month.
Still, bitcoin remains a thinly traded market and the rally in 2017 was followed by an 83% collapse that lasted a year.
In the last 48 hours, Coinbase has continuously seen a high premium compared to other platforms. When the price of bitcoin surpassed $30,000, the premium reached as high as $350.
See also: As bitcoin surges to records, Riot Blockchain stock is up nearly 1,500% in 2020
Author: Clive McKeef
Crypto Whale Reveals Top Altcoin Picks, Analyzes XRP, Says Bitcoin Will Spend Most of 2021 Above $50,000
A popular crypto whale and analyst is unveiling his top altcoin picks while offering his predictions on Bitcoin’s price action in 2021.
The trader, known in the industry as Flood, shares with his 92,000 followers some of his biggest forecasts for the crypto space this year.
“2021 predictions: Bitcoin trades above $50,000 for the majority of 2021. SNX (Synthetix) trades above $24 this year. DeFi (decentralized finance) TVL (total value locked) 100B+ by Q4.”
Hosting an ask-me-anything session (AMA) on Twitter, the crypto whale gives a straightforward response to a question about whether Bitcoin can skyrocket to $100,000 this year.
In addition to SNX and Bitcoin, the trader is also bullish on lending and borrowing protocol Aave and Ethereum competitor Polkadot (DOT).
Looking at XRP, Flood names one catalyst that could enable Ripple’s native asset to catch up to its large-cap peers.
“XRP is actually in an interesting spot right now because a settlement of the lawsuit could be a bullish catalyst and lead to a pump, but for now I think there are better assets.”
When asked about his biggest loss in Bitcoin, Flood says he lost 44 BTC while the leading crypto asset was trading at $7,800.
As for his biggest gains in a single day, the crypto whale notes he once made almost a million dollars in a span of 24 hours.
“+$880k in 24h on a short for derivatives, spot swings a lot more than that each day though at this point.”
The trader also responds to a question about how he was able to grow his account to the point where he can trade with seven figures or more consistently.
“6 years, blood sweat and tears, $20k or so, and just keep longing.”
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