Miami’s crypto revolution continues to rise, breaking new ground in terms of government support and usage.
According to financial TV channel for investors RealVision, Miami mayor Francis Suarez is interested in taking a portion of his 401(k) plan in bitcoin. Mayor Suarez recently spoke with Samuel Burke, managing editor and senior host at RealVision, at The Takeover in Las Vega, where he also expressed interest in contributing bitcoin to his retirement savings.
In the United States, a 401(k) is an employer-sponsored retirement savings investment plan in which an employer deducts an employee contribution from their pre-tax salary. Following research from Yale University and FTSE/Russell University on favourable returns, a retirement investment platform called ForUsAll is introducing Alt401(k), enabling participants to allocate up to 5% of their retirement savings into cryptocurrencies. Cryptocurrencies, because they do not follow stock and bond movements, are an appealing addition to retirement plans. The Alt401(k) allows investors to invest in 40 cryptocurrencies.
Mayor Suarez has attempted to woo tech firms with Miami’s low corporate income taxes, and bitcoin has played an important role in his quest to make the coastal metropolis the next Silicon Valley. Last month he announced his plan to distribute annual bitcoin yield to Miami residents through from MiamiCoin. The MiamiCoin project has raised more than £15 million, demonstrating the city’s enthusiasm in cryptocurrency. Miami citizens were permitted to mine Stacks, convert to MiamiCoin via CityCoins, and keep 70% of the coins created. The mayor has stated that he hopes the project would provide enough funding for the city to eliminate the need for citizens to pay taxes.
Suarez, who receives his salary in bitcoin via Strike, has met with a Miami-Dade County commissioner to discuss the best course of action that would allow for the payment of taxes in bitcoin.