The cryptocurrency craze continues as American cities are now racing for the title of "crypto capital." Miami is leading the way to becoming the central hub with different initiatives involving residents while forging the way with the first CityCoin.
Miamicoin, generated by CityCoins, will result in yield for all Miami residents, allowing people to invest in the city by purchasing tokens.
Miami Mayor Francis Suarez made headlines when he announced he will be receiving his paychecks in crypto.
Suarez told FOX Business that "crypto’s been a big part of [Miami’s] strategy in becoming an innovation forward city," adding that he plans to "redefine the city as [one] that wants to create high paying jobs, [one] that wants to create the jobs of tomorrow."
The city ranks number one for technology job growth in a study conducted by Burning Glass Technologies Labor Insights.
Megan Nyvold of Security Token Market, a global source of data and news on tokenized assets, is one of those who moved down during the Coronavirus pandemic to help build a forward-thinking mentality embracing these technologies.
Nyvold says she sees crypto as a way to give the power back to the people and "it can be used at the most basic level by anyone."
She told FOX Business she "really align[s] with Mayor Suarez and other elected officials on their aptitude to allow businesses, especially small businesses, to reopen and fuel the economy."
Entrepreneur Grant Mitterlehner, who launched Mitt Blockchain, a crypto mining company that specializes in mining Bitcoin and Ethereum, shares a similar sentiment.
"The innovation that Miami's mayor is doing is obviously working because you're seeing a lot of the big crypto exchanges and headquarters move down there, [and a] multitude of other tech companies," Mitterlehner said, adding that "[Miami has] created a really friendly business environment with low taxes, making it affordable."
FTX, a cryptocurrency exchange, recently left its imprint on the city with a $200 million sponsorship and naming rights deal for the Miami Heat’s NBA basketball arena.
Mitterlehner says Miamicoin is genius with the coin "creating more revenue for the city, without having to tax anyone for anything."
Seventy percent of the mining benefit from Miamicoin goes to the miner, as opposed to 100% in the case of bitcoin, with the remaining 30% going in a digital wallet for the city.
New York City is following Miami's lead with Mayor-elect Eric Adams announcing his city will soon have a CityCoin of its own.
Suarez said he sees his city’s growth as a generational opportunity with the center of gravity of the country shifting southeast to be what he calls the epicenter of capital.
"We are in the epicenter of five mega markets — South America, Silicon Valley, New York, the Middle East and Europe," Suarez said. "There's no one of those markets that's closer to the five than we are."
Suarez plans to give Miami residents the opportunity to have digital wallets so they can use or save bitcoin of their own.
Bitcoin has selected the city as the host of its 2022 conference in April.