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Sunday, August 7, 2022

Miami Is Giving Away Free Bitcoin To Its Citizens As Part Of Its City Coin Profits

Miami is arguably the most crypto advanced city right now. The mayor of the city has been promoting crypto for a while now, and they even launched their own crypto called the city coin. And now the city of Miami will gift free Bitcoin to citizens from the profits they are making from the city coin. To be eligible for the same, one needs to have a digital wallet and that’s it.

Free Bitcoin to citizens

Miami will officially become the first city in the US to give free Bitcoins to users as a dividend yield. The idea of the city coin is that it generates yield by staking and helps in municipal projects. And at present, the yield has generated $21 million in excess for the city. And this is what the mayor wants to gift the citizens. In fact, Mayor Suarez also said that if things continue this way they might not even need to tax the citizens.

Miami Coin Paves the Way For More Bitcoin Exposure to Miami Residents

The best part of all this is that even if you don’t own any Miami coin you will still get the free Bitcoin. The city is going to create a digital wallet for the citizens and use the excessive yields to gift free BTC. He said that the ultimate goal is to put Bitcoin into the hands of as many people as people.

City mayors are becoming Bitcoin proponents

Mayor Suarez became the first official in the US to announce that he will receive his paychecks in 100% Bitcoin. Also, he has made many new laws and policies that have helped Miami become a crypto hub. The US has also elected a new mayor-elect, Eric Adams, to make NYC a hub for innovation and crypto. Adams even promised to accept Bitcoin as his next three paychecks. Eric said that he also wants to ensure that NYC does not lag behind in adopting new technology. In the past, it has been a center for self-driving cars, cybersecurity, life science, and more. Therefore, it’s important that the legacy that should continue.

How do you feel about Miami’s plans to give free Bitcoin to its citizens? Are you hopeful that the city will be able to reduce taxes in the future? Share your thoughts below. Please like and share our article if you found it informative.

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