Miami Mayor says “Bitcoin yield” initiative is a part of the MiamiCoin project

The mayor of Miami, Francis Suarez, has been one of the strongest supporters of Bitcoin (BTC/USD) and the entire cryptocurrency space. The mayor has already made strategic partnerships in this field to benefit the city and its residents.

One of the initiatives that Suarez announced recently, a few days after he was re-elected for his second term on office, was to have a Bitcoin yield for the city’s residents. In an interview with CNBC, Suarez has defended this initiative.

Miami to launch a Bitcoin yield

Earlier this month, Suarez stated that Miami residents would receive digital wallets that would be used to distribute Bitcoin yields to city residents.

In an interview with CNBC, he stated that the idea of launching a Bitcoin yield would be good for the entire country that Miami would only be leading the way. He further noted that with crypto, Miami has managed to differentiate itself.

He noted that the idea of launching this yield program has been derived from the MiamiCoin project. MiamiCoin is a city-based token that was launched in August. He noted that since its inception, the token has been generating mining yields that go to the city’s digital wallet.

Since its inception, MiamiCoin has generated $20M in rewards for the city in three months. He stated that a portion of these funds, approximately $15M would be staked to create a yield that would be paid in Bitcoin and these coins would be distributed to the city residents.

He noted that through this program, residents would receive Bitcoin in their digital wallets, which would increase in value compared to the USD whose value is depreciating due to increased inflation.

Suarez is a major crypto supporter

Suarez is one of the major supporters of cryptocurrencies. After he was reelected in office, he stated that he would receive his first paycheck entirely in Bitcoin, and this announcement was later supported by the mayor of New York, Eric Adams, who also agreed to receiving his salary in Bitcoin.

Due to Miami’s progressive crypto framework, it has attracted major technological firms. Nearly $1 million in venture capital has flown into the city this year. The city also held the Bitcoin conference earlier this year.