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Francis Suarez: Miami Coin is going nowhere

Despite its record price, the Miami Coin will be around for some time, according to Mayor Francis Suarez.

Miami currency price is low

Miami Coin is a new digital asset created for the city of Miami, Florida. The coin has only been around for a few months, but it is part of the region’s goal of becoming one of the most crypto-oriented cities in the United States. Suarez initially commissioned the coin to give residents the opportunity to pay utility bills with digital currency, though the asset has now expanded into something much bigger. The currency offers gambling opportunities and has become a staple of Miami life in many ways.

There is only one small problem… The coin is trading at an unusually low price. Since its launch six months ago in August 2021, Miami Coin has been “enjoying” the lowest share price in its short history. Despite this, Francis Suarez says the city has no plans to abandon the cryptocurrency initiatives it intends to instill, one of which is the increased use of Miami Coin.

In a recent interview, Suarez assured viewers that the coin was not a flop, explaining:

It has been a success from the point of view of what it has done for the city, hasn't it? It generated $20 million in revenue for the city because a percentage of the mining profit is set aside in a digital wallet for the city. That's $5 million that we use for rent stabilization funds. We're seeing that because of inflation, rents are going up across the country and the other $15 million, we're doing something very innovative.

That’s not the only thing we need to keep in mind.

He went on to say that while he acknowledges the low trading price, he doesn’t think price is always the best indicator of how a coin is doing, pointing to bitcoin’s dismal (and recent) drop to around $36,000 at the time. from USA I write. example. He says:

Obviously, the price has dropped significantly. I have never been obsessed with price, neither bitcoin nor Miami Coin. I think what Mark Cuban said is very accurate. This is the first entry, all of these technologies, and what's important is the rate of liquidity that can go in and out, because utility is essentially what's going to be important to whether any of these technologies will survive in the long run. . They are very useful? Do they provide people with the ability to exchange these currencies for goods in several different countries? Do you allow shipments? Do they break authoritarian regimes because they don't control the currency? I mean, there are a lot of great use cases, and whether all of them will be used remains to be seen.

Not long ago, Suarez engaged in some online banter with New York Mayor Eric Adams about which city would become the most crypto-friendly in the country.