• Miami residents may soon receive Bitcoin dividends from MiamiCoin

  • Miami Mayor Juarez has announced a novel approach to mainstreaming Bitcoin. Suarez confirmed in an interview with Coindesk TV that any Miami resident with a digital wallet will soon be eligible to receive additional profits or Bitcoin yields earned on the city’s Miami coin.

    “We’re going to be the very first city in America to give Bitcoin yield as a dividend directly to its residents,” Suarez said in an interview on November 11.

    Bitcoin is becoming more popular in Miami.

    Mayor Suarez went on to say that the primary goal of distributing Bitcoin yields to Miami residents is to make cryptocurrency more accessible to more people.

    The Miami coin was introduced in August 2021 to fund municipal projects by generating additional yields. Since then, the coin has grown in popularity and has generated yields totaling $21 million in three months. If the amount is compounded annually, it amounts to $80 million, which can cover one-fifth of the city’s annual tax revenue.

    Miami coin, which is based on an open-source protocol, donates 30% of its rewards to the city when mined or purchased. Mayor Suarez has also stated that residents will not be required to own Miami coins in order to receive the free Bitcoin yield.

    Mayor Suarez has always been a vocal supporter of cryptocurrency and has publicly endorsed Bitcoin. Suarez and New York City Mayor Eric Adam announced last week that they would accept Bitcoin for their next paychecks. Suarez publicly declared in February that he intends to transform Miami into a cryptocurrency hub by enacting progressive crypto laws and making the city more crypto-oriented in the near future.

    Meanwhile, following Suarez’s announcement to distribute free Bitcoin yields, Miami coin prices have risen 18 percent to a daily high of $0.02369489.

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