Miami Mayor: City Will Pay Out Bitcoin Dividends to Every Citizen

Frances Suarez, Miami’s Mayor has promised to give Bitcoin yield paid out as dividends to his citizens. As a result, he is making cryptocurrency very attractive for the residents of  Miami.

According to comments made by Suarez, the city’s population of nearly 500,000 people may get BTC dividends, as reported by Anthony Pompliano. Anthony’s post on Twitter indicates that Suarez claimed that they would be the first municipality in the United States to provide a bitcoin dividend straight to its residents.

The dividends will be paid out directly to residents through a digital wallet that people must sign up for. This dividend payment is intended as an enticement for those who plan on signing up.

Dividends are payments made to stockholders of a firm out of profits earned in the market. The city of Miami and the leading cryptocurrency by market capitalization have yet to disclose how this will work.

U.S Mayors endorse Crypto Adoption

Suarez has been a prominent advocate for cryptocurrency adoption. He was the driving force behind the creation of MiamiCityCoins, and he now says he will be paid in bitcoins. These moves inspired New York’s Mayor, Eric Adams to launch New York City coins as reported by The Coinrise. Adams is pushing for cryptocurrency to be added to school curriculum and also promised to take his first three paychecks in Bitcoin.

Jackson, Tennessee Mayor Scott Conger and Tampa, Florida Mayor Jane Castor both have similar ideas to make their respective cities a hub where Bitcoin is adopted

Besides mayors, crypto adoption has supporters in the house and senate. The Texas Senator, Ted Cruz, submitted a bill pushing for embrace of cryptocurrency from the congress. He also suggested that vendors and merchants at the Capitol hill to accept bitcoin payments,