This year, Miami has been in the limelight for all the good reasons to do with cryptocurrencies and especially to do with Bitcoin (BTC).
At the start of June this year, Miami held its 2021 Bitcoin Conference and towards the end of this conference, the El Salvador president announced plans of presenting a bill in the House of Representatives to make Bitcoin legal tender in El Salvador. The bill was presented and passed by the majority and now BTC is a legal tender in El Salvador.
Plans are already underway for the 2022 Miami Bitcoin conference that shall be held between April 6 and April 9 next year.
Five months since the mighty 2021 conference and the mayor of Miami is now rallying for Bitcoin adoption in Miami and the larger State of Florida.
The crypto enthusiast and Mayor of Miami, Francis Suarez, said that Miami is already working on a motion to allow city workers to get paid in BTC.
Besides Miami, the mayor also said that he wants to see the state of Florida become a leader in cryptocurrencies. He said that plans are underway to see that this is implemented before the end of October.
If the county passes the motion, Miami residents will be able to pay fees and possibly even taxes in Bitcoin.
Suarez is also asking the state of Florida to allow Miami to add Bitcoin (BTC) to its balance sheet.
Currently, the US does not allow any municipality to own Bitcoin both at the state or federal level.
United States Fortunes As China Tightens The Noose Around Crypto
Over the recent months, the US has gained a lot from the ongoing cryptocurrency crackdown in China.
First, it was a crackdown on crypto miners, which saw most crypto mining companies close shop with some relocating to the US and other crypto-friendly countries.
Then there is the recent ban on all cryptocurrency activities that are to take effect on October 15. Most exchanges have already closed their mainland China offices and operations.
The US government is constantly working on regulations to ensure that the cryptocurrency market is well regulated, especially now that there has been a spike in adoption around the country.
Various states are also doing all they can to facilitate crypto-based businesses including states like Texas reducing taxes on crypto mining-related activities.
The Rise Of Bitcoin In 2021
2021 saw major Bitcoin adoptions with multinationals and large corporations lining up to add Bitcoin to their balance sheets. Tesla, Square, and MicroStrategy have all made mammoth Bitcoin purchases and MicroStrategy is still adding the digital currency to its coffers with the latest purchase being in September.
https://twitter.com/saylor/status/1437386724443926535?s=20In April 2021, Bitcoin (BTC) hit a record-breaking all-time high of $64,863.10.