Bitcoin may soon be the most popular currency in Miami.
Florida commissioners are considering whether to give public officials the option to receive their salaries, or a portion thereof, in Bitcoin, and whether they allow the public to use the cryptocurrency to pay for city services, reports the Miami Herald. .
Mayor Francis Suarez, who is trying to turn Miami into a technology hub, is ready to go all-in with Bitcoin, but commissioners voted late Thursday to first study the use of the virtual currency and to find an entrepreneur which can help with transactions before they go any further, the outlet said.
“It’s great to be a very ‘crypto-forward’ city in the city of Miami, and I want to thank my commission colleagues for making that happen,” Suarez told the outlet.
After a long discussion and questions about Bitcoin, the commissioners agreed 4-1 to hold out before completing an analysis of the futuristic currency, which is considered a hedge against a falling dollar.
Commissioner Joe Carollo is not convinced – he voted no on the measure.
“I think the mayor has done a fantastic job with it, and his intentions come from the heart,” Carollo said.
“If I said that, I could not drink the Cabbage Aid on this one.”
Miami will begin launching public awareness campaigns in English, Spanish and Creoles to educate residents about cryptocurrency, while working with state lawmakers to pass laws that will allow the city to convert public dollars into the highly volatile cryptocurrency to invest.
The daily price fluctuations of Bitcoin continue to decline and reach a peak in thousands. Late Friday, it hovered just under $ 48,000 per share, but the public can buy portions of a share.