IBC Group Set To Invest 100,000 Bitcoin In Miami
The broad stream adoption of cryptocurrency continues to rise as several nations and individuals continue to eye the market’s fortunes, whose growth has steadily been on the rise. The success of Bitcoin, which stands out amongst every other cryptocurrency, continues to headline the $2 trillion market.
However, many cities like Miami, whose Mayor- Francis Suarez is a firm Bitcoin admirer, have started to take bold steps into adopting cryptocurrency into their terrain. Fortunately, investors are now willing to partner with the Mayor, as Dubai’s IBC Group will now commit about 100,000 Bitcoins worth $4.5 billion into the city’s Blockchain project.
The investment will cater to some other projects aside from Blockchain
Francis Suarez, a famous Bitcoin analyst, and firm admirer, has not hidden his desire of turning the State into a cryptocurrency-friendly terrain. The Mayor, in January, had made his opinions known to the press that it is his ambition to turn Miami into the most crypto adaptive place in the world, a city where crypto lives. The Mayor had also made moves to the city’s commitment to facilitate the introduction of Bitcoin into the State’s payment system.
The agreement, which some of the commissioners voted, will introduce a system where citizens can pay their taxes and city levies in Bitcoin. Although there are still some deliberations on the proposal, what lies ahead seems more significant. The Mayor’s ambitions are now set to be realized as the Dubai equity firm is now willing to invest billions of Bitcoins’ worth into the Miami 2.0 Blockchain Strategy Foundation.
The budgeted funds will also cater to some other city projects, but they will majorly fund the city’s blockchain project. Khurram Shroff, the Chairman of the Dubai group, expressed his delight at IBC lending a hand in actualizing Miami and Suarez’s visions. He believes the move will further show his company’s commitment to turning many cities into Blockchain hubs.
IBC Group is not new to investing in Miami
This is not the first series of investments IBC group has in Miami, as it has a series of real estate projects across many city shores. The real estate group’s involvement in Miami’s Blockchain project is set to turn the city’s fortunes around. In the press release, the group also plans to launch a real estate program tailored to Bitcoin holders, who will now use the digital assets as collateral assets for mortgage purposes.
The new development is believed to impress Francis Suarez, as reporters confirm that the Mayor had yet to speak on the proposed project. However, the cryptocurrency space’s general belief is that such a gigantic project by the IBC group will further increase the overall adoption of cryptocurrency in the city, as analysts expect Miami to lead many states in the U.S to become full crypto adoptive states.