The Mayor of Miami Calls Bitcoin A Stable Investment

The Mayor of Miami Calls Bitcoin A Stable Investment

The adoption of cryptocurrency is growing rapidly, with every new day come with either one new adoption or one old critic becoming a new believer. Analysts predict that the Blockchain space will grow at the rate of 1000% by the end of 2021, despite the whole interest in Cryptocurrency space at the current adoption rate. It is worthy of mentioning that Bitcoin, the most valuable cryptocurrency, is gaining the most attention.

The latest high-profile figure to praise Bitcoin is the Miami Mayor, Francis Suarez, who has labeled the cryptocurrency “a stable investment” in a relatively difficult and economically unstable year. In Francis’s statement on popular social media Twiter, the Mayor claimed that he gradually understands the cryptocurrency through popular analysts like Tyler Winklevoss and Anthony Pompliano.

Tyler Winklevoss to provide support for the Mayor

Suarez, who was elected the Mayor of Miami in Nov 2017 after running as a nonpartisan candidate, is a firm admirer of BTC. He claims he is still learning about the Volatile cryptocurrency. The Gemini co-founder, Tyler Winklevoss, in his tweet to the former Attorney, had promised to deliver a signed copy of his co-written book “Bitcoin Billionaires” to the Mayor to enable him further understand BTC.

Pompliano, on the other hand, told the Mayor that he touts his city, Miami, as a future of Bitcoin, and he expects widespread adoption of cryptocurrency in the city. The Mayor also responded to Pompliano that his administration is exploring Miami becoming the first crypto-centric government in the country. A move that will economically grow the state and positively impact the cryptocurrency space.

Miami’s rising adoption of cryptocurrency

The third most populated city, located in southeastern Florida of the United States, is already an economic powerhouse, serving as the financial and business capital of Latin America. Analysts have described Miami as one of the hottest American cities for cryptocurrencies due to lax state oversight and an influx of foreign capital in the city.

The city continues to showcase its adoption of cryptocurrency by hosting the North American Bitcoin Conference, which famous crypto analysts like Charles Hoskinson, Roger Ver, and Riccardo Sagni attended in the early parts of the year. The rapid growth of BTC this year has been fuelled in part by corporate and institutional adoption of the digital asset.

Bitcoin adoption will continue to be on the rise

Bitcoin adoption is increasingly viewed as a competitive advantage in an economy devoid of financial instability, asset-price inflation, and record central-bank intervention. The influx of investors and traders into BTC has been fuelled by the devaluation of many fiat currencies like the USD and Euros.

The harsh impact of COVID-19 has also spurn investors to move away from traditional assets like Gold to move to valuable digital assets like BTC and ETH. Bitcoin, which currently trades at $23,975 as at the time of writing, is being touted to reach $24,000 by the end of the year by analysts.

David Pražák