Even as the Bitcoin craze continues to rage, a number of American cities are competing for the title of “crypto capital.” Miami is paving the way to become the principal center by involving locals in a range of projects and issuing the first CityCoin to commemorate the occasion.
Crypto has played a significant role in [Miami’s] ambition to become an innovation-forward city, according to Suarez, who also expressed his desire to “redefine the city as [one] that wants to create high-paying employment, [one] that wants to create jobs for the future.”
By purchasing tokens of Miamicoin, citizens of the city will be able to earn a return on their investment in the city. Miamicoin was created by the cryptocurrency exchange CityCoins.
It provides more revenue for the city without taxing anyone for anything,” Mitterlehner believes, which is why he believes Miamicoin is great.
In contrast to bitcoin, only 70% of the mining reward from Miamicoin goes to the miner, with the remaining 30% going into a digital wallet for the city of Miami Beach.
Francis Suarez, the mayor of Miami, made headlines when he announced that he will be compensated in cryptocurrencies.
On June 4, 2021, the mayor of Miami, Francis Suarez, speaks at the Bitcoin 2021 conference in Miami, Florida.
In an interview she said she “really align[s] with Mayor Suarez and other governmental authorities on their ability to allow businesses, particularly small enterprises, to reopen and stimulate the economy.”
According to Nyvold, cryptography is a technique of restoring power to the people, and “it can be employed at the most fundamental level by anyone,” he says.
Grant Mitterlehner, the founder of Mitt Blockchain, a cryptocurrency mining company that specializes in Bitcoin and Ethereum mining, expresses sentiments that are similar to Mitterlehner’s.
According to Mitterlehner, “a lot of the main crypto exchanges and offices may relocate there, [as well as] a multitude of other digital enterprises.” He also stated that “[Miami has] developed a fantastic friendly business environment with low taxes, making it affordable.”
A generational opportunity, according to Suarez, with the country’s center of gravity shifting southeastward to become the epicenter of capital, as he defines it.
Mayor-elect Eric Adams of New York City has declared that his city will soon have its own CityCoin, following in the footsteps of Miami’s successful CityCoin program.