Miami citizens may soon receive Bitcoin dividends from MiamiCoin

Miami Mayor Carlos Suarez has announced a novel approach to bringing Bitcoin into the mainstream.

Suarez disclosed on Nov. 11 in an interview with Coindesk TV that every Miami citizen with a digital wallet will soon be eligible for additional profits or Bitcoin dividends made on the city’s MiamiCoin.

“We’re going to be the very first city in America to pay Bitcoin as a dividend straight to its inhabitants,” Suarez stated.

Bitcoin becoming more popular in Miami

Suarez went on to say that the main goal of delivering Bitcoin dividends to Miami citizens is to make cryptocurrency more accessible to the masses.

The MiamiCoin was released in August 2021 to fund municipal projects by earning additional yields.

Since then, the currency has been extremely popular, with profits totaling $21 million in just three months.

If the amount is annualized, it comes to $80 million, enough to cover one-fifth of the city’s yearly tax collection.

MiamiCoin, which is based on open-source technology, gives back 30% of its benefits to the city when it is mined or purchased.

Residents will not be obliged to own MiamiCoins in order to receive the free Bitcoin yield, according to Mayor Suarez.

Making the city more crypto-oriented

Mayor Suarez has long been a vocal proponent of cryptocurrency and has officially endorsed Bitcoin.

Suarez and New York City Mayor Eric Adam last week said that they would take Bitcoin as a mode of payment for their next paychecks.

Last February, Suarez said he plans to turn Miami into a cryptocurrency hub by implementing progressive crypto legislations and making the city more crypto-friendly in the coming months or years.

Meanwhile, following Suarez’s declaration that free Bitcoin dividends would be distributed, the price of MiamiCoins has risen 18% to a day high of $0.02369489.

Image courtesy of Cointelegraph News/YouTube

Source: https://bitcoinerx.com/blockchain/miami-citizens-may-soon-receive-bitcoin-dividends-from-miamicoin/