Miami not ditching its ‘MiamiCoin’ cryptocurrency despite record-low price, Mayor says

MiamiCoin drops below $39K

Miami Mayor Francis Suarez reacted to MiamiCoin's lowest stock price since its launch last August on "Cavuto: Coast to Coast" Monday, saying the city won't abandon its cryptocurrency while in its beginning phases. His comments come on the heels of Billionaire investor Mark Cuban making his own appearance on FOX Business earlier Monday, talking cryptocurrency with host Neil Cavuto.


MAYOR FRANCIS SUAREZ: It's been a success from the perspective of what it's done for the city, right? It's generated $20 million in revenue for the city because a percentage of the mining benefit is separated into a digital wallet for the city; that's $5 million that we've used for rent stabilization funds, we're seeing because of inflation, rents rising across the country. And the other $15 million, we're doing something very innovative…

Obviously the price is down significantly. I've never obsessed over the price, neither bitcoin nor MiamiCoin. I think what Mark Cuban said is actually very accurate. This is in the first inning, all of these technologies. And what's really important is, first of all, the liquidity rate, being able to get in and out of it because the utility is essentially what is going to be important as to whether or not any of these technologies survive in the long run. Are they very useful? Do they provide people the ability to exchange these currencies for goods in a variety of different countries? Do they allow for remittances? Do they break up authoritarian regimes because they don't control the currency? I mean, there's a lot of great use cases. And it remains to be seen whether they will all be utilized.