Mayor Suarez: Miami City Will Grant Bitcoin Dividends For Its Residents
Francis Suarez, the Mayor of City of Miami, who recently announced that he would be taking his salary in Bitcoin, taking it to different level. He plans to make it more attractive for citizens of Miami to get involved in the cryptocurrency by promising to be the first city in the U.S. to give a BTC yield paid out as a dividend directly to its residents.
Wow.
The City of Miami just announced they are going to give a Bitcoin dividend to every citizen that sets up a digital wallet.
“We’re going to be the first city in America to give a bitcoin yield as a dividend directly to its residents." – @FrancisSuarez
Miami Residents To Get Bitcoin Dividends For Signing Up For Digital Wallet
The city of Miami will soon start giving bitcoin to its nearly half a million citizens, its mayor Francis Suarez announced. When asked if he envisioned bitcoin being used as cash, including as a tax payment method, Suarez confidently confirmed such intentions.
“I do see very quickly a world where the Satoshi system is what is used to make payments; we need to make that leap. We need people to understand that bitcoin is increasing in value and yes, we want you holding bitcoin. But at the same time we need to increase the utility of Bitcoin which increases the value even more and also creates more functionality so people can be in a better currency, frankly.”
The City of Miami will pay the dividends directly to citizens through a digital wallet that users must register for. The dividend payment is the incentive for doing so. In the stock market, dividends are regular payments made to company shareholders out of profits generated. It’s not yet clear how this will work for the city of Miami and the leading cryptocurrency by market cap.
Suarez has been strongly pushing an agenda to create a comprehensive Bitcoin ecosystem in Miami and announced last week he would take his entire next salary in bitcoin. Other mayors of American cities were quick to follow. The mayor also wants to enable city employees to get paid in BTC and allow residents to pay for city fees and taxes in the decentralized currency.
Suarez explained that the city plans to launch a digital wallet in partnership with bitcoin exchanges to airdrop bitcoin earned through staking MiamiCoin in the Stacks protocol to its residents. The mayor ultimately hopes to enable citizens to use bitcoin and MiamiCoin as they choose, either to HODL or to spend in regular merchants on the street.
