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Since its launch in August 2021, MiamiCoin’s value has risen by more than ten times. Mayor Francis Suarez says that the crypto is going mainstream faster than Bitcoin (BTC).
Demand for the newly-minted crypto has resulted in a spike in its price. “The last time I checked it a few days ago, it was at 4 and a half cents,” Mayor Suarez said on CoinDesk TV’s “First Mover.” “So it has already grown 10x in value.”
Suarez explained that the MIA’s rising price shows just how exciting Miami is in the crypto world. “It creates a new paradigm, a new dynamic that could raise for the city upwards of $60 million in the first year.”
MIA’s team plans to observe the coin’s performance and volatility for around six months before making any decision relative to the crypto’s staking. The mayor views the new crypto project as a revolutionary way of generating revenues.
“What’s exciting about it is that it’s generating $2,000 or $3,000 every time minutes based on the volume of mining that’s happening right now,” Suarez said. “What’s you’ve essentially created is a different form of revenue generation for cities.
“It’s not involuntary tax, it’s not philanthropy,” he said. “It’s a generational potential improvement that, taken to its logical extension, could theoretically create a scenario under which Miami could give services without having to tax its residents. “
While Suarez is enthusiastically promoting the new crypto, he hinted that investors be careful in their decisions. “We bear no liability whatsoever for people’s investment decisions, good or bad,” he added.
Suarez also compared MIA to Bitcoin in terms of use cases. While Bitcoin’s use case is essentially a store of value, there are potentially many use cases for MiamiCoin.
“We are working in the city to create a variety of use cases because we feel that if MiamiCoin metamorphosizes into a currency, there exists a possibility that it could have wide use and wide applicability… “ he added. “When you like at the mainstreaming of the coin and compare it to Bitcoin, it has actually been mainstreaming faster.”
