Miami Embracing Cryptocurrencies

Miami Embracing Cryptocurrencies

If you head over to the USA and are a Bitcoin supporter, a trip to Miami is recommended. Their Mayor Francis Suarez is a big fan and is out to make his city one that embraces cryptocurrencies, especially Bitcoin.

Miami has been known for a place to go for a sunny holiday. However, the Mayor wants the city to have more than that reputation.  He wants to turn Miami into “one of the most tech-forward cities” in the USA.

Recently plans have been revealed that would see them investing their treasury into Bitcoin. Employees would also be paid in the cryptocurrency rather than dollars.

The view of the Mayor is that a major change will come about if companies such as Amazon and Apple adopted Bitcoin as a payment method. He says that then “the dam will essentially break.” Suarez wants Miami to “be on the cutting edge and sort of ahead of the game.”

JAG Insurance Group Adopt Bitcoin Payment Method

Miami company, the JAG Insurance Group have joined in this revolution. They have issued their first insurance policy that is using cryptocurrency. When asked why this move had been taken, a simple answer was given. Luis Gazitua, who is a partner in the group replied: “Why not?”

He added that the company is one that’s always looking at evolving. When asked by a client if they could use a cryptocurrency to make their payment, again the answer was “Why not?”

The company began finding out more about cryptocurrency and were impressed.  “The further we went into the rabbit holes, the more we realized the potential in this technology,” said Gazitua. Blockchain technology in particular appeals to them

Now comes news that the Bitcoin 2021 conference scheduled for June 3 with the main conference days on the 4th and 5th will be held in Miami rather than Los Angeles. The MANA Wynwood convention center will host the event that is expected to see over 6000 people attend.

It’s the largest in-person Bitcoin conference held in the world, so a feather in the cap for the city of Miami to be its host. COVID restrictions are one reason for the move but there was also a personal appeal made by the Miami Mayor.

E11VEN Miami nightclub

Another major boost for the cryptocurrency has come from the E11VEN Miami nightclub. They are becoming the first American corporate nightclub to accept not just Bitcoin but other cryptocurrencies too.

The club reopens on April 23 after being closed due to the ongoing pandemic. It hasn’t been open since March of last year so it’s going to be massive for them to again open their doors to customers.

There will be plenty of people waiting for the club to again be open. They will be able to book tables using several cryptocurrencies, including Bitcoin, Dogecoin and Ripple.

E11EVEN operating partner is Gino LoPinto and he believes their clientele “are crytpo-savvy already,” so this won’t be new to them. There have been concerns over how volatile Bitcoin and other cryptocurrencies can be.

The club owners are of the opinion that there is very little downside. Over the long term, cryptocurrency values have risen. In terms of the risk of using them, the club already has to cope with the risk of accepting credit cards as payment.