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Bitcoin could soon be the currency of choice in Miami.
Commissioners in the Florida city are mulling whether or not to give public officials the option of receiving their salaries, or a portion of it, in Bitcoin and if they should allow the public to use the cryptocurrency to pay for city services, the Miami Herald reported.
Mayor Francis Suarez, who’s trying to shape Miami into a tech hub, is ready to go all-in with Bitcoin but commissioners voted late Thursday to first study the use of the virtual currency and to find a vendor that could help with transactions before moving forward, the outlet said.
“It’s wonderful to be a very ‘crypto-forward’ city in the city of Miami, and I want to thank my commission colleagues for allowing that to happen,” Suarez told the outlet.
Following a long discussion and questions about Bitcoin, the commissioners agreed 4-1 to hold off before an analysis on the futuristic currency, thought to be a guard against a failing dollar, is completed.
Commissioner Joe Carollo isn’t convinced — he voted no on the measure, the outlet reported.
“I think the mayor has done a fabulous job with that, and his intentions are coming right from the heart,” Carollo said.
“Having said that, I can’t drink the Kool-Aid on this one.”
Miami will begin launching public awareness campaigns in English, Spanish and Creole to teach residents about cryptocurrency while lobbying the state legislature to pass laws that will allow the city to invest public dollars in the highly-volatile cryptocurrency.
Day-to-day price swings of Bitcoin continue to dip and peak in the thousands. Late Friday, it hovered just under $48,000 a share but the public is able to buy portions of a share.
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