Miami Emerges to Become a Bitcoin Hub
In 2009, the first bitcoin was mined. Today, hundreds of shops all around the world now accept it as payment. According to new research published by crypto education platform Crypto Head, the United States is the world’s most “crypto-ready” country. The research took into account the number of crypto ATMs in each country, their availability, the legitimacy of crypto and whether banks can use it, and the number of internet searches for crypto-related terms in generating a “crypto-ready” index for 200 countries and territories.
The United States has 14,762 Bitcoin ATMs operational as of March 2021, more than ten times Canada, which had 1,323 Bitcoin ATMs. If you are interested in trading Bitcoins, the easy to use software of this reliable platform is a good place to begin your investing journey!
A recent research by moveBuddha evaluated U.S. cities based on their adoption of Bitcoin ATMs and discovered that the top jurisdictions varied depending on the criteria included in the analysis. As measured only by the number of Bitcoin ATMs in each city, Los Angeles is ranked highest with 1,065 available machines. The first ranked city is followed by Chicago, Houston, Atlanta, Dallas, and Miami.
Last February, the mayor of Miami, Francis X. Suarez, suggested that citizens be allowed to pay for services in Bitcoin and that city employees be given the option of receiving payment in the cryptocurrency. Suarez has been eyeing the cryptocurrency sector for months as part of a wider effort to recruit technology companies and their capital to Miami.
If ever, Miami would not be the first government to accept cryptocurrency as payment for taxes, but it may be the first to put a piece of its treasury in Bitcoin under Suarez’s leadership.
How did this start?
“What if we move Silicon Valley to Miami?”
In December, a well-known venture investor tweeted the quote above, and Suarez showed his interest in the provided topic. It was a tweet that touched a nerve in Silicon Valley, where engineers were feeling the heat of a progressive administration.
Based on organic impressions, at least 2.3 million people read the tweet, a few hundred shared it, and scores of high-profile innovators and investors have heeded the call.
Suarez has not stopped talking with people about relocating to Miami or improving the city since then, both online and offline. The list includes Valley-notables Peter Thiel and Keith Rabois, soccer legend David Beckham (co-owner of Inter Miami), and a slew of crypto experts.
Why is cryptocurrency such a huge deal in Miami?
The following are some of the main reasons why the cryptocurrency is so popular in Miami, as explained by Bitstop CEO Andrew Barnard, whose company helped install the first Bitcoin ATM in Miami in 2015, and Hemang Subramanian of Florida International University’s College of Business in an interview with Markets Insider:
- Miami is a major international financial centre. People have moved to Miami from all across Latin America, Central America, and the Caribbean. As a result, many people in Venezuela, Brazil, and Argentina have suffered from hyperinflation.
- Bitcoin is used to transfer money home to their friends and family. Customers or residents do not have to go through a costly and time-consuming duplicate foreign exchange transaction.
- Many inhabitants are registered for costly seaside homes located outside of the state. Property owners from other countries are registered as residents in counties and governments, such as in Miami. According to Subramanian, it makes financial sense to enable these citizens to pay taxes or use county services by using cryptocurrencies – either stablecoins tied to a dollar or another foreign currency or other types of cryptocurrencies.
- Bitcoin is used to empower many people and their communities. Because of their unique viewpoint, many people who have moved from Latin and Central America, as well as the Caribbean, appreciate the value proposition of bitcoin.
Additional: Bitcoin 2021 in Miami
Bitcoin 2021, as “the largest Bitcoin event in history,” gathered 12,000 people from all around the world. Bitcoin (BTC) popularity is unquestionably increasing at a rapid pace. Men, however, appear to be the major audience for Bitcoin, based on the attendance at Bitcoin 2021.
In the event, there were a handful of female speakers that made an impact on stage. This includes US Senator of Wyoming Cynthia Lummis, co-founder and CEO of Lightning Labs Elizabeth Stark, Lyn Alden Schwartzer, CEO of OKCoin Hong Fang, Anderson Kill law firm partner Hailey Lennon, general manager for Crypto.com U.K. Teana Baker-Taylor, and a muralist and mixed media artist Trew Love.
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