Miami Residents may soon receive Bitcoin dividends from MiamiCoin
In an interview with Coindesk TV, Miami Mayor Francis Suarez announced that the City of Miami will soon receive ‘Bitcoin yield’ from the staking of its cryptocurrency to its residents who have a digital wallet.
Mayor Suarez revealed on Nov. 11 in an interview with cryptocurrency news site Coindesk that every Miami resident with a digital wallet will soon be qualified for Bitcoin dividends made on the city’s MiamiCoin.
One MiamiCoin is worth nearly $0.02, but crypto miners have made more than $21M for the city since August. Now the city is looking to cash out, and each of the 442,000 residents of Miami will get roughly 0.0007 BTC, which is about $47.
“We’re going to be the first city in America to give a Bitcoin yield as a dividend directly to its residents,” Suarez said. “We’re going to create digital wallets for our residents, and we’re going to give them Bitcoin directly from the yield of MiamiCoin,” added Francis Suarez.
Suarez added that the main purpose of delivering Bitcoin dividends to Miami residents is to make cryptocurrency more approachable to each and every resident.
In November, Suarez tweeted that he’d take his next paycheck in bitcoin, only to be outdone by New York City Mayor-Elect Eric Adams who stated he will take his next three in the same asset.
In October, Suarez informed Bloomberg that his city will advance a plan to pay city workers in bitcoin. He also told he needs the state of Florida to allow Miami to hold bitcoin on its balance sheet.
Meanwhile, following the Mayor's declaration that free Bitcoin dividends would be distributed, the value of MiamiCoins has risen 18% to a day high of $0.02369489.
Writer - Sahil Madaan
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