Miami Could Become The First "Tax Free and WEB 3.0 City"... On The Planet

2021 is the year China has "finally kicked out Bitcoin" from beneath its borders and the US has played the Bitcoin game in its favor by "welcoming miners" across the country and gaining more of the hashing power that was spit out by the Chinese.

Although the US has not reached "El Salvador level of adoption" we already have mayors over there, such as the one from Miami, mayor Francis Suarez and freshly elected Eric Adams, mayor of New York, who have opted recently for being paid in Bitcoin. Mayor Suarez is also planning on making Miami a Bitcoin HUB and a WEB 3.0 city.

I don't know if you knew that already , but Miami is the city where taxes can be paid in BTC, or MiamiCoin, and some of the mayor's employees, himself included, have also the option of getting their paycheck in Bitcoin. Bitcoin exchanges such as Okcoin, eToro and Blockchain.com have offices in the city of sun as well.

“We’re going to be the first city in America to give a bitcoin yield as a dividend directly to its residents. MiamiCoin, which was introduced early this year has already earned over $21 million in the past three months for Miami".
Mayor Suarez for Coindesk source

Now, MiamiCoin can be mined, but also staked by the citizens of Miami and it will be "the first city in America to give a bitcoin yield as a dividend directly to its residents", that could potentially eliminate the need for Miami residents to pay taxes in the future, creating a precedent for this matter.

When it comes to the yield "paid in Bitcoin" to the citizens of Miami, the mayor noted in a Coindesk interview that he's planning on collaborating with some exchanges in providing the citizens with wallets for BTC, that pretty much replicating El Salvador's approach towards adopting crypto, the only difference being that the wallets won't be "governmental ones" such as in El Salvador.

Education comes first and the mayor has emphasized on the importance of citizens getting educated first on blockchain technology and cryptocurrency and what's the best example of teaching them "crypto is better", than to point at the current inflation that America, and basically the whole world, is suffering from.

Can you sense the FOMO though?

I don't know if you have noticed it, but there's already a different type of FOMO that we have around crypto, that wasn't present back in 2017. This year we saw Bitcoin advocates winning city house elections, presidents rushing to make their countries the first to adopt crypto and the RUSSIAN PARLIAMENT RECENTLY MEETING OVER LEGALIZING CRYPTO ASSETS which might lead to the country probably settling oil and gas international affairs in Bitcoin in the not so distant future.

Russia has also took a god chunk from the mining hash rate pie, after the China ban and it probably has all the reason in the world to "use Bitcoin" as a payment currency in the near future. Pricing your valuable internal products, that are traded internationally, in a currency that appreciates exponentially over years, might be a good decision.

Blockchain and crypto is finally fulfilling Satoshi's vision of being used to make payments all around the world and that's what matters at the end of the day. Daily, monthly and even early price fluctuations are irrelevant if we still don't use BTC and the blockchain technology for the purpose they've been designed.

I congratulate mayor Suarez for his involvement in this direction and will say once again that Miami is probably the only city of the US where I'd move.

Thanks for attention,
Adrian

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