While Miami’s mayor Francis Suarez told the public he was a big believer in bitcoin and has accepted his pay in bitcoin, at the same time, a crypto coin called miamicoin (MIA) was launched. The Miamicoin project’s goal was to give Miami’s “citizens and supporters the power to support, improve and program the Magic City.” However, after reaching $0.05 per unit on September 20, 2021, the crypto asset miamicoin has shed more than 88% in value against the U.S. dollar.
City of Miami Receives First Disbursement From Miamicoin Project Totaling $5.25 Million
A new coin called miamicoin (MIA) aims to benefit the Sunshine State’s bustling city as it rewards holders via the Stacks protocol. Miamicoin was built using the Stacks protocol, a smart-contract network built on top of the Bitcoin (BTC) blockchain. In December 2021, Francis Suarez spoke with Bloomberg Television and he explained he was seeking to expand the use of crypto assets across the city of Miami. Months later, on February 2, 2022, Suarez told the public that the City of Miami received its first-ever MIA disbursement from the project, totaling $5.25 million.
“I’m so excited to announce that the [City of Miami] has received its first-ever disbursement from [City Coins] totaling $5.25M,” Suarez tweeted. “This is a historic moment for our city to collaborate with an innovative project that creates resources for our city through innovation, not taxation.”
Following the mayor’s statements, the computer scientist, internet entrepreneur, and co-founder of Stacks, Muneeb Ali, replied to the Miami mayor’s tweet and said: “Another reason to move to Miami.” The head of growth at Stacks, Patrick Stanley, also tweeted about the disbursement, and said that this is just the beginning.
“Miami
