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MiamiCoin remains in its 'initial inning': Mayor Suarez
Miami Mayor Francis Suarez talks about the city's cryptocurrency cutting-edge as well as profits success regardless of its record-low stock price.
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MAYOR FRANCIS SUAREZ: It's been a success from the viewpoint of what it's done for the city, right? It's created $20 million in revenue for the city because a percent of the mining benefit is separated right into a digital wallet for the city; that's $5 million that we have actually made use of for rent stabilization funds, we're seeing as a result of rising cost of living, rental fees increasing across the country. And also the other $15 million, we're doing something extremely innovative …
Certainly the price is down significantly. I've never ever stressed over the price, neither bitcoin nor MiamiCoin. I assume what Mark Cuban claimed is in fact extremely exact. This remains in the very first inning, all of these innovations. And also what's truly important is, firstly, the liquidity rate, being able to get in and also out of it due to the fact that the utility is basically what is going to be important as to whether or not any one of these technologies make it through in the future. Are they extremely useful? Do they offer individuals the ability to trade these currencies for goods in a selection of different nations? Do they allow for compensations? Do they separate tyrannical programs since they do not manage the currency? I mean, there's a lot of great usage situations. And it continues to be to be seen whether they will certainly all be utilized.
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Miami not ditching its crypto despite record-low price, Mayor says
MiamiCoin is in its ‘first inning’: Mayor Suarez
Miami Mayor Francis Suarez discusses the city’s cryptocurrency innovative and revenue success despite its record-low stock price.
...
MAYOR FRANCIS SUAREZ: It's been a success from the perspective of what it's done for the city, right? It's generated $20 million in revenue for the city because a percentage of the mining benefit is separated into a digital wallet for the city; that's $5 million that we've used for rent stabilization funds, we're seeing because of inflation, rents rising across the country. And the other $15 million, we're doing something very innovative…
Obviously the price is down significantly. I've never obsessed over the price, neither bitcoin nor MiamiCoin. I think what Mark Cuban said is actually very accurate. This is in the first inning, all of these technologies. And what's really important is, first of all, the liquidity rate, being able to get in and out of it because the utility is essentially what is going to be important as to whether or not any of these technologies survive in the long run. Are they very useful? Do they provide people the ability to exchange these currencies for goods in a variety of different countries? Do they allow for remittances? Do they break up authoritarian regimes because they don't control the currency? I mean, there's a lot of great use cases. And it remains to be seen whether they will all be utilized.
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FOX Business Network (FBN) is a financial news channel delivering real-time information across all platforms that impact both Main Street and Wall Street. Headquartered in New York — the business capital of the world — FBN launched in October 2007 and is one of the leading business networks on television, having topped CNBC in Business Day viewers for the second consecutive year in 2018. The network is available in nearly 80 million homes in all markets across the United States. Owned by FOX Corporation, FBN is a unit of FOX News Media and has bureaus in Chicago, Los Angeles, and Washington, D.C.
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