Florida considers allocating part of state reserves in Bitcoin31. Dezember 2020
„We can’t leave this movement to the future, it has to be done now“
City of Miami considers Bitcoin reserve, is in the state of Florida, which also considers opportunity
The fourth largest state in the United States, Florida, is now considering buying Bitcoin to make up the local reserve. The city of Miami, the seventh largest in the country, would also be in line. The information was shared in debates on Twitter, which drew attention on Tuesday afternoon (29).
The news comes in a year in which the adoption of Bitcoin has grown among institutional investors. This way, the increase in Bitcoin price in 2020 is totally different from the view in 2017, when it was moved mainly by small investors.
With the great adoption of the value reserve concept, mainly in a moment of crisis in the economy, several people seek to protect themselves from risks. Just like gold, Bitcoin is one of the assets with the greatest search, raising its price in the market.
As digital currency is a scarce asset, the increase in demand was the main driving force behind the recent appreciation. In Brazil, for instance, Bitcoin was quoted at R$ 150 thousand in some brokers, helped yet by the dollar’s rise in the country.
Miami’s mayor considers putting 1% of Bitcoin in the city’s reserve, Florida could do the same
The mayor of Miami surprised the Bitcoin fan community on Tuesday (29). Answering a message on Twitter, the mayor left an interesting door open for the adoption of digital currency.
That’s because Bitcoin fan Anthony Pompliano asked his followers to help him contact the mayor of the city. According to Pompliano, the „noise“ of the community would be made in order to alert the mayor to join Bitcoin.
If the mayor left the opportunity open, Pompliano suggested that people move to the city. And surprisingly, the mayor of Miami, Francis X. Suarez, responded directly on Twitter to the community’s outcry.
According to Suarez, he would be „definitely open to explore this“. In other words, if he goes along with the idea, Miami could be the first of the top 10 cities in the United States to put Bitcoin on their reservation.
The move has got Bitcoin fans excited, with a major city in South Florida joining the digital currency. In 2020, big companies like MicroStrategy, Square and even PayPal bought Bitcoin as a value reserve.
If the move is also made by cities, perhaps even states and countries, the price of Bitcoin may rise further due to its scarcity in the market. For those waiting for the so-called „mass adoption“ movement, seeing the signage from the mayor of Miami lights up another tip of hope.
With repercussion, responsible for Florida’s finances commented that „we cannot leave this movement for the future, it has to be done now“.
It wasn’t just the comment from the mayor of Miami that got the bitcoiners excited in this case. With the repercussion, Charlie Shrem, one of the first famous Bitcoin adopters, commented that the state of Florida could be the pioneer of the United States in this matter.
According to Jimmy Patronis, his role as Florida’s Chief Financial Officer would be to keep public money safe. That way, he can’t leave for the future an eventual Bitcoin reserve, he has to move now. It is not clear if Florida will really put 1% of the treasure in Bitcoin.
„I love that the mayor is excited about the expansion of the global financial sector in Florida,“ Patronis said.
The governor of Florida, Ron DeSantis, who was also mentioned in the debate, had not yet made a public statement until the closing of this issue. Anyway, the debate has gained gigantic proportions, in important cities and states of the world’s greatest economic power.
In relation to the dollar, Bitcoin has appreciated more than 270% since the beginning of 2020. As a store of value, the movement may have certainly impressed the mayor of Miami and the financial director of Florida.