Clumsy city crypto? – The Mayor of Miami, Francis Suarez, has long been a fervent promoter of cryptocurrencies. He also decided to receive his salary and part of his retirement savings in Bitcoin (BTC). However, he was perhaps a little too enthusiastic about the project of CityCoin about his city: the MiamiCoin. The latter saw its course strongly fall, in any case, more than most cryptos in this bear market. Explanations.
MiamiCoin brings big money to the city, but not to its investors
Launched last year, the MiamiCoin is one of the cryptocurrencies of the project CityCoin. The latter, which is based on the blockchain Stacks (STX) aims to provide crypto to large cities, to help finance them.
However, this system brings a lot of bitcoins to the cash registers from the big city of Florida. The value of this crypto has steadily increased decrease from its peak at 0.05 dollar in September 2021. The MiamiCoin (MIA) is indeed only worth 0.001 dollar at the time of this writing. Or a decrease of more than 95% from its highest.
On the sidelines of the World Economic Forum (WEF) in Davos, the Mayor Francis Suarez explained himself on the subject during a interview given to CoinDesk:
“For me, what was interesting in the case of MiamiCoin was the idea that a percentage of mining revenue would be donated to the city. I just think it’s a new idea. As to whether the tokenomics [du MIA] are good, it’s a much more complicated macro question. (…) When a token is also inflationary [que le MiamiCoin], you see a precipitous drop in price, something that can be seen on many other tokens. »
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STXs paid into Miami coffers generated $500,000 worth of bitcoins
To mine MiamiCoin, participants must staker (stake) STX tokens from the Stacks blockchain. 70% of these generated STXs go to MiamiCoin owners. 30 % go directly to the coffers of the municipality. Francis Suarez thus reveals that the city has for $6.4 million of STX (at the current price). Moreover, the latter have generated more $500,000 of BTC!
“(…) the STXs that we have won, or that are placed in the digital wallet of the municipality – i.e. approximately 11 million STX – have generated around half a million dollars worth of bitcoins, thanks to staking. (…)”
The bear market in cryptocurrencies since the start of 2022 does not seem not worry more than that the mayor of the big city of Florida. Francis Suarez remains confident on the fundamentals of Bitcoin:
“You know, everyone asks me the same thing about Bitcoin, about it losing over 50% of its value. But that doesn’t change my good impression of its core technology. »
In addition to Miami, the cities of New York, Philadelphia and Austin also accepted the project of ” city cryptocurrency from CityCoin. But if investors see the value in their cryptos keep falling apart, there may be fewer and fewer volunteers to mine. Will the MiamiCoin end up in deadlock ? The future will tell.
The fall of MiamiCoin does not affect the overflowing enthusiasm of Francis Suarez. Is your confidence in the future of cryptos intact? Inregister without delay on the FTX reference crypto exchange platform and benefit from a lifetime discount on your trading fees (affiliate link, see conditions on official website).
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-95% for MiamiCoin – The mayor of Miami still earns Bitcoin
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