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Miami’s Mayor Considering Paying Salaries and Accepting Taxes in Bitcoin

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Francis Suarez wants to turn Miami into the next Sillicon Valley, and using Bitcoin as means of payments could be on the horizon.

Miami’s Mayor Francis Xavier Suarez is ready to put his city in the spotlight of technology lovers and entrepreneurs and Bitcoin could be his new venture.

Suarez recently told the press that as he sees it, Bitcoin could become the “biggest story of the next few years.” and according to a Forbes review, the use of Bitcoin as a means of payment for public employee salaries could be one of the steps to be taken on Suarez’s path to turning Miami into the next Silicon Valley.

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The Road to a Bitcoin-Friendly Miami

Suarez has been quite vocal about his expectations, but he recently stepped on the gas when it comes to supporting technological developments in his city. The mayor of Miami recently launched the “How can I help” campaign to raise funds to expand Miami’s tech industry.

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As far as cryptocurrency payments are concerned, Francis Suarez barely indicated that this is an idea under consideration. According to reports, there could be three paths to take in the quest to make Miami a Bitcoin-Friendly city.

The first is precisely to give employees the opportunity to receive their salaries in Bitcoin. This idea has already been explored and would have to go through a series of legal procedures before being approved.

The second proposal he is considering is to allow taxes to be paid in Bitcoin. This decision is much easier to implement as there are already legal precedents that give hope to those in charge of possible execution.

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Finally, he once again talked about his willingness to invest part of the public wealth in Bitcoin. This, while not illegal on the face of it, could generate greater resistance considering the volatility of the investment.

Is Bitcoin a Good Investment for a County?

Suarez did not disclose the amount of money he would be contemplating investing, nor did he provide further details on these proposals’ current status. However, late last year, he said he was open to exploring an investment of about 1% of the city’s treasury reserve into Bitcoin.

This decision would be a major detour from Miami’s love story for cash and fixed income investments.  In terms of public policies, these kinds of low-risk investments are the most obvious choice when it comes to build and maitain wealth. However, some investors with an appetite for risk, are aware of the lost oportunity if other investments with higher risk to reward ratio are considered —for example, Bitcoin quickly rised from $20k to $40k, but it also crashed from $40k to $30k almost as fast. A very dangerous lost of money for a politician.

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Bitcoin is too volatile to be part of Miami's portfolio... Or is it?
Bitcoin has gained and lost $10k per token in the last 30 days. Image: Coingecko

The idea of having crypto salaries comes hand in hand with his expectations to create a crypto-friendly legal system. In an interview with FOX Business’ “Varney and Co.” Suarez highlighted Bitcoin’s appeal as a lucrative long-term investment and said he wants to boost the crypto ecosystem.

“We want to be one of the most crypto-forward and technological cities in the country,” he said. “So we’re looking at … creating a regulatory framework that makes us the easiest place in the United States to do business if you’re doing it in cryptocurrencies.”

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The Cycle Started, Mike Novogratz Says – Bitcoin Boom Is Here; Jack Dorsey Boosts BTC’s Price

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Mike Novogratz is one of the essential names in the crypto space which is celebrating the booming price of Bitcoin.

Check out what he had to share with his followers and Twitter fans:

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Someone hopped in the comments section and said this; ‘Anyone who has not yet embarked on the crypto band wagon is a simple minded idiot who knows nothing about markets, freedom or wealth creation.’

Jack Dorsey boosts the price of BTC

It’s been also revealed that Jack Dorse said that Square could build a BTC mining system – this obviously triggered a more massive price race for the king coin.

At the moment of writing this article, BTC is trading in the green and the king coin is priced at $61,118.15.

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CNBC online publication just noted that Square CEO Jack Dorsey said late on Friday the company is considering jumping into BTC mining business.

Dorsey tweeted that the company is considering a “bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide.”

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Dorsey’s goal would be to make crypto mining more accessible. We suggest that you check out the complete thread that Dorsey shared on his social media account in order to learn all the available details.

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Pantera Capital’s Dan Morehead: Bitcoin (BTC) Already Up 100% in This Bull Run

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How big is median increase in Bitcoin (BTC) price in bullish market phases?

As Bitcoin (BTC) reclaims $62,000 level, Dan Morehead, CEO of the first-ever cryptocurrency-focused VC firm in the U.S., shares the comprehensive statistics of the last six bull runs for Bitcoin.

Bitcoin (BTC) price doubled in 87 days: Bull Run 2021

According to the latest tweet by Mr. Morehead, the Bitcoin (BTC) price witnessed a 2x increase in the first 87 days of the ongoing bullish wave.

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Unlike many other experts, Mr. Morehead identifies two separate “bull run” phases in 2020-2021. During the previous one, between March 16, 2020, and April 14, 2021, it took 394 days for Bitcoin (BTC) to increase its price 13x and print a new all-time high.

According to his infographic, the most impressive rally ended with a 106x increase of the orange coin’s price in 2015-2017.

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That said, the median Bitcoin (BTC) price bull run lasted for 300 days and increased the “king coin’s price” by 15x.

Will Bitcoin ETF mark the top of the BTC cycle?

At the same time, according to “The Next Price Era” letter issued by Pantera Capital on Oct. 6, 2021, the hotly-anticipated approval of Bitcoin (BTC) ETFs is listed amidst the possible “sell the news” events.

Mr. Morehead noticed that the launch of CME Bitcoin Futures and Coinbase direct listing triggered painful bear markets:

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Will someone please remind the day before the bitcoin ETF officially launches?  I might want to take some chips off the table.

As covered by U.Today previously, similar statements were made by CNBC’s Jim Cramer.

The seasoned analyst also revealed his plans to “cash out” 50% of his Ethereum (ETH) bags.

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Bitcoin Will Significantly Underperform Altcoin Market As New Crypto Price Era Unfolds: Pantera Capital’s Dan Morehead

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The founder and chief executive officer of Pantera Capital says that investors can expect altcoins to outperform Bitcoin (BTC) in the long term.

In a recent edition of Pantera’s Blockchain Letter, the head of the digital asset management firm outlines Dan Morehead’s key quotes from the SALT 2021 conference in New York. During the conference, Morehead said that even though his company has greatly profited from BTC, he emphasized that most future crypto gains will come from altcoin investments.ADVERTISEMENT

“My perspective is: Bitcoin has been amazing – Pantera Bitcoin Fund is up 67,000% since inception. However, I think the majority of future gains will be from tokens outside of Bitcoin. I know that sounds heretical to some people here, but that’s my professional opinion.”

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Morehead compares the rise of Bitcoin and its competitors to that of the tech industry boom during the late 1990s.

“It’s like saying in 1998 that [the] majority of future tech gains would come from outside Microsoft.

At the time, Microsoft was worth $218 billion, Apple $3.5 billion, Amazon was $2.2 billion. Google and Facebook were zero – they didn’t even exist. In the years since Microsoft did great – it went up 10x. However, 80% of the tech gains in these five stocks came from outside Microsoft.

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That’s the view I have here – I think BTC is going to go up a ton – like 10x. It’s a great investment…[but] I think the broader portfolio is going to outperform.”

At time of writing, BTC has a market cap of $1.156 trillion while all altcoins combined have a market cap of $1.327 trillion, according to CoinMarketCap.

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