Tesla’s news hastens Miami’s move to add Bitcoin to balance sheet

TL;DR Breakdown:

• Miami mayor is working on a resolution to include Bitcoin in the city’s balance sheet.
• This follows the news that Tesla has bought $1.5 billion Bitcoin.

Following the news that Tesla has purchased $1.5 billion worth of Bitcoin (BTC), the Mayor of Miami, Francis Suarez, is looking to add the cryptocurrency to the city’s balance sheet sooner than planned. Suarez had previously mulled the idea of making the city the most friendly region for digital currencies in the United States. He already mentioned his plans to include Bitcoin in the city’s reserve. However, just like a green light, the mayor sees Tesla’s news as a good reason to get started.

Miami will buy Bitcoin

On Monday, Suarez admitted on Twitter that he’s working on a resolution to include the cryptocurrency in Miami’s balance sheet. To get started, the mayor said this matter would be discussed at the city’s commission meeting, which is expected to hold on the 11th of February. His statement was made in response to Anthony Pompliano tweet, which reads:

“[Francis Suarez] the race is on to see what municipality is going to be the first to put Bitcoin on their balance sheet. Let’s make sure Miami continues to be the national leader in anything technology related.”

While Miami’s mayor thinks Tesla’s quick move to Bitcoin was very helpful, he added that all they need is for the e-commerce giant, Amazon, to adopt the cryptocurrency.

Miami is planning to accept Taxes in BTC

When Suarez revealed the plan to allocate a portion of the city’s treasury reserve to Bitcoin, he further mentioned that they would allow the local residents to pay fees and taxes using the cryptocurrency, as Cryptopolitan reported. This, according to the mayor, is part of their effort to make city “one of the most crypto-forward and technological cities in the country.”