A panel ‘Making money with Charles Payne’ on investing in the names of the future and bitcoin.
Miami Mayor Francis Suarez praised the city’s governing committee for passing on Thursday a resolution that will study the feasibility of paying employees in bitcoin, and allow residents to pay fees and taxes in bitcoin.
“I would like to thank the City of Miami Commissioners for supporting my resolution, which, after analysis, instructs the City Manager to purchase a vendor who can offer our employees a percentage of their salary in bitcoin so that our residents can pay for fees in Bitcoin … [and allows] for taxes to be paid in bitcoin, ” Suarez said in a video Thursday night.
“It’s great to be a very crypto-forward city in the city of Miami, and I want to thank my colleagues on the committee for making it happen.”
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The city commission voted 4-1 to pass the resolution, which would also encourage the Florida state legislature to pass laws allowing Miami to invest some of its treasury in bitcoin.
“The whole concept of Bitcoin is to democratize a currency,” Ken Russell, vice chairman of the Miami City Commission, said at the City Hall meeting on Thursday. “It has become a currency for the wealthy. I think this is our chance to really try to intelligently bring this to our residents and our employees, but we have to do this carefully so that they can make informed decisions.”
Bitcoin, a decentralized cryptocurrency, hit a record high of $ 48,912 this week, but is still prone to wild price swings.
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Despite those swings, Miami’s adoption of bitcoin is the latest sign that it is going mainstream.
Andrew Yang, who is running for mayor of New York City, said on Thursday that if elected, he “ would invest to make the city a center for [bitcoin] and other cryptocurrencies. “
BNY Mellon, the oldest bank in America, announced on Thursday that it will create an “integrated digital asset service” this year that will process bitcoin and other cryptocurrencies for clients.
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Mastercard said on Wednesday that it will support cryptocurrencies directly on its network, which will “open up many more opportunities for shoppers and merchants, enabling them to transact in an entirely new form of payment.”
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Tesla announced on Monday that it has invested $ 1.5 billion in bitcoin and would start accepting the cryptocurrency as payment.
“I think bitcoin is a good thing right now, and I am a bitcoin advocate,” Tesla CEO Elon Musk said on Jan. 31 about Clubhouse. “I think bitcoin is on the cusp of widespread adoption by conventional finance folks.”