Miami residents to receive free BTC from MiamiCoin profits

12 Nov 2021

All residents of Miami with a digital wallet will be entitled to receive a Bitcoin dividend, says the city’s Mayor, Francis Suarez. 

“We’re going to be the first city in America to give a Bitcoin yield as a dividend directly to its residents,” Suarez said in an interview with Coindesk. 

The MiamiCoin cryptocurrency was launched by Citycoins in August, which helps to finance municipal projects by generating yield, Cointelegraph reports.

Indeed, MiamiCoin has generated yields of more than $21 million for the city. The reserve wallet converts MiamiCoin deposits into USD based on city officials’ commands. The Mayor added that if yields continue at this rate, they may cover Miami’s complete tax requirements.

However, Miami residents will not need to own any MiamiCoin in order to be eligible for the free Bitcoin. Suarez commented: “We’re going to create digital wallets for our residents. And we’re going to give them Bitcoin directly from the yield of MiamiCoin.”

He added that the ultimate goal was for more and more people to hold Bitcoin – the world’s largest cryptocurrency.

Suarez has been a long-time crypto advocate. Last week both Suarez and New York City Mayor-elect Eric Adams announced they would be accepting their next three paychecks in Bitcoin. This was shortly followed by a similar statement by Mayor of Tampa Bay, Florida, Jane Castor.

Back in February, the Mayor of Miami announced plans to turn the city into a key crypto hub by authorising the “most progressive crypto laws.” In addition, this year’s Bitcoin conference took place in Miami, registering the biggest crowd in the history of the event.

After the announcement by Suarez, the price of MiamiCoin rose 18% to hit a daily peak of $0.02369489 according to Coingecko data.