â€œIf I would have done it last year, I would have made 200 plus percent,â€� Mayor Francis Suarez said on FOX Business’Â â€œVarney and Co.â€� â€œSo I would have looked like a genius.â€�
The mayor told hostÂ Stuart Varney that Miami is looking into allowing citizens to pay taxes and fees to the city in bitcoin.
â€œWe want to be one of the most crypto-forward and technological cities in the country,â€� he said. â€œSo we’re looking at â€¦ creating a regulatory framework that makes us the easiest place in the United States to do business if you’re doing it in cryptocurrencies.â€�
Bitcoin surged by as much as 284% from the beginning of October through its record high of $40,797 on Jan. 7. After significant losses earlier this week, the cryptocurrency hasÂ bounced back, with the price hitting above $40,000 for a certain period of time on Thursday morning, according to CoinDesk.
Suarez is hoping the move toward bitcoin may appeal to the tech industry and lead more high-tech companies to move to Miami.
â€œI want the creative and the innovative class to come here and create high-paying jobs for my residents,â€� he said.
Suarez saidÂ bitcoin is â€œa very attractive investmentâ€� and that the city of Miami is considering â€œdiversifying our investment portfolioâ€� and holding a percentage of investments in bitcoin.
He believes the price of bitcoin will increase as the currency becomes more mainstream.
â€œIt’s only going to go up,â€� Suarez said.
FOX Businessâ€™Â Jonathan Garber contributed to this article.
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