Miami mayor considers investing in bitcoin with public funds

[Mauser]

Many people will against him for sure as the risk of investing in bitcoin considerably high and people will argue that bitcoin is a speculative and volatile asset to spend public funds. Although we know that decision is brilliant considering this year bitcoin might reach a milestone of over $100k. Depends on the time frame, they could double the funds, it's not too late obviously, just find the right entry point.

Yeah the risk is pretty high, so as long as the bitcoin price is going up we will likely see people being happy with the mayor. But once there is another crash in the bitcoin market and the coin tanks, then there is likely a public outcry against him. For bitcoins is definitely a good thing as it makes more people aware of it and pushes the coin higher. The politcial career of the mayor might be linked to the bitcoin market now, a very risky move.

[1715320565]

1715320565

[1715320565]

1715320565

[1715320565]

1715320565

[Casdinyard]

Many people will against him for sure as the risk of investing in bitcoin considerably high and people will argue that bitcoin is a speculative and volatile asset to spend public funds. Although we know that decision is brilliant considering this year bitcoin might reach a milestone of over $100k. Depends on the time frame, they could double the funds, it's not too late obviously, just find the right entry point.

Yeah the risk is pretty high, so as long as the bitcoin price is going up we will likely see people being happy with the mayor. But once there is another crash in the bitcoin market and the coin tanks, then there is likely a public outcry against him. For bitcoins is definitely a good thing as it makes more people aware of it and pushes the coin higher. The politcial career of the mayor might be linked to the bitcoin market now, a very risky move.

Why in the first place a Mayor would put the money of his city to an investment, knowing that it's not his money in the first place?
This is what I am concerned with. Even if he is having that intention to make the funds bigger, that won't force the market to be in favor of his intention. There's no assurance that profit will be earned and even if there is a chance, that is a bad idea because it will seem that he is deciding under his plans alone without considering whether his people will agree to that decision. Just thinking of someone using my money in gambling, which will make me mad at him. That's also not under Mayor's responsibility to do so. And I do agree that this will result to bad publicity no matter how we view his intentions with this one.

[Silberman]

OMG:

“If I would have done it last year, I would have made 200 plus percent,” Mayor Francis Suarez said on FOX Business' “Varney and Co.” “So I would have looked like a genius.”

And if he invests in bitcoin now--right when it's very near its all-time high, he might look like a complete friggin' taxpayer money-wasting idiot in a year's time. 

Hell, I applaud his sentiment and I'm a fervent bitcoin supporter myself, but if you're looking to use bitcoin as an investment, you have to get in at the right price.  That's true of any investment, and I'm not sure Mr. Suarez is being wise by making this statement or if he's seriously thinking about buying bitcoin with taxpayers' money right now.  Imagine what the outcry would be like if bitcoin dropped by 50% in the next year.  The dude would probably be impeached and no doubt wouldn't stand a chance come re-election time.

As simple as that, bitcoin despite its revolutionary nature still follows the same rules as any other investment and buying now does not seems like the best option, and this is even more true when he will be using money that does not belong to him and instead belongs to the taxpayers, there is a reason that for the most part governments pick conservative investments and that is because if they take a risk and they lose they have no one else to blame but themselves.

[CarnagexD]

More and more people inspired to invest in cryptocurrencies, it is music to my ears. Bitcoin is the most trustworthy coin on the market right now, and is the gateway coin of many of us into the industry. What I am most concerned about is the man's integrity. He could get so greedy as to use bitcoin to launder the people's money, which I hope don't happen of course.

[AndySt]

More and more people inspired to invest in cryptocurrencies, it is music to my ears. Bitcoin is the most trustworthy coin on the market right now, and is the gateway coin of many of us into the industry. What I am most concerned about is the man's integrity. He could get so greedy as to use bitcoin to launder the people's money, which I hope don't happen of course.

I also hope that this person is an honest person, but still his ideas at this stage sound very risky given the instability of the exchange rate of cryptocurrencies and the potential for a multiple collapse in prices. It would be much more productive if he continues to offer ideas on how to introduce cryptocurrencies into the city's activities, than to express thoughts about bitcoin speculation on the funds of the city he leads.

[darewaller]

This is a big step forward by a government to make direct investment on bitcoin. Years back itself similar move is taken by Bulgarian Government. Bulgaria Big On Bitcoin As Reserves Could Exceed Its Gold Stash. It has got Bitcoin in higher volume than the volume of gold. As every country prefer gold as backing reserve, Bulgaria have prioritised Bitcoin as the reserve holding. Maybe we can expect more countries getting used to direct bitcoin investment.

This isn't the first time neither, we had this type of situation before but not the same idea. If you check about Ohio state you will see that they are using BitPay to accept crypto, which is not exactly the same thing as what we are seeing here of course, because one of them is actually putting money into bitcoin, the other is taking the same bitcoin into somewhere else.

However it is still a nice gesture from Ohio to start accepting tax payments in the form of crypto, that was one way to show that it was getting more and more legal to deal with crypto since even states were accepting payments of it.

Miami now is on another level, not only they are looking for crypto payments, they are actually willing to put money into crypto, and considering they are a whole city, they can put a lot of money constantly without ever taking it out neither, which means they could have so much more bitcoin, even if it falls they can keep buying more to drop price and get more and more and make a lot of profit in the future.

[ultrloa]

More and more people inspired to invest in cryptocurrencies, it is music to my ears. Bitcoin is the most trustworthy coin on the market right now, and is the gateway coin of many of us into the industry. What I am most concerned about is the man's integrity. He could get so greedy as to use bitcoin to launder the people's money, which I hope don't happen of course.

I also hope that this person is an honest person, but still his ideas at this stage sound very risky given the instability of the exchange rate of cryptocurrencies and the potential for a multiple collapse in prices. It would be much more productive if he continues to offer ideas on how to introduce cryptocurrencies into the city's activities, than to express thoughts about bitcoin speculation on the funds of the city he leads.

Also we cannot imagine on what will happen financially to the country if the market collapsed since for sure they will suffer once all failed for investing it on bitcoins. And what I think is they should not enter on it first since I'm sure they doesn't know yet the market flaws an the one they think for now is they might possibly earn huge since they just read the price history of bitcoins. Maybe the best thing to do now is to adopt and regulate it maybe from that they can earn extra cash from bitcoins and other cryptocurrencies.

[figmentofmyass]

here's an interesting update from the city of miami.

no word on direct investment yet, but in reaction to the recent faketoshi/whitepaper controversy, they started hosting the whitepaper on the city's website: https://www.miamigov.com/Government/City-Officials/Mayor-Francis-Suarez/Bitcoin-White-Paper

is CSW gonna threaten to sue them now too?

The City of Miami is dedicated to becoming a model 21st century city. We think that means embracing and supporting disruptive technologies that challenge the status quo and improve how we interact with one another. Bitcoin, the decentralized financial network that allows individuals worldwide to store and send value to one another without intermediary agents like banks or payment processors, is a technology we believe will transform the world.

Bitcoin is the invention of a pseudonymous computer programmer called Satoshi Nakamoto. In October 2008, the still unknown Satoshi published a white paper called "Bitcoin: A Peer-To-Peer Electronic Cash System," outlining his proposal and the mechanics of what we now commonly refer to as Bitcoin's "blockchain." The Bitcoin network has run continuously and without incident since its launch on January 3, 2009. The network currently secures over $600 billion in value and its native cryptocurrency (bitcoin with a lowercase "b" or "BTC") is seen by many experts as the next great store of value and akin to a digital gold. 

The City of Miami is actively exploring how we can best utilize Bitcoin and related technologies and are committed to supporting and attracting businesses and entrepreneurs innovating in the space.

Read the Original Bitcoin White Paper

[bryant.coleman]

here's an interesting update from the city of miami.

no word on direct investment yet, but in reaction to the recent faketoshi/whitepaper controversy, they started hosting the whitepaper on the city's website: https://www.miamigov.com/Government/City-Officials/Mayor-Francis-Suarez/Bitcoin-White-Paper

is CSW gonna threaten to sue them now too?

Wow!!! This is like an open endorsement for Bitcoin from the city of Miami. So can we say with 100% surety that Francis X. Suarez (the Republican mayor of Miami) is pro-Bitcoin? I would like endorsements from more Republican politicians, as the Democrats are moving in the opposite direction (with Janet Yellen threatening legal action against Bitcoin). I am not expecting much from RINOs such as Murkowski and Romney, but GOP should come in support for cryptocurrency if Yellen and her cronies are planning a crackdown.

[pinggoki]

If the investing of Miami's mayor into bitcoin is real then probably it is a major and big endorsement for the bitcoin community as well as the cryptocurrency because if there is someone who has the fame that adapted the bitcoin then probably we can say that his followers will also adapt it and consider on investing also in bitcoin or other coins. I just want to know if the mayor was really knowledgeable about investing in bitcoin or he knows the flaws he may get on investing in bitcoin because it is a high-risk investment and we all know that.

[Chrystora123]

Public funds should be used for the welfare of other people who are in trouble (homeless, beggars, widows, parents, education, health, and infrastructure improvements).

ultimately, they will be.

governments like municipalities are also institutional investors.

the question is whether to keep a portion of their reserves in cash (where the value will depreciate), more conservative investments like bonds (where the gains are small), or......bitcoin.

it is very true that government is an institutional investor, but if investing in Bitcoin means that the mayor considers the money to be a non-risky thing  (even though it's public money).  There are still many other companies that can provide dividends to their investors so that the dividend money can be used to advance the city.  Bitcoin price will definitely not fall far from its current price but hopefully, he can convince his citizens and wish him good luck..

thanks for the update @OP..

here's an interesting update from the city of miami.

no word on direct investment yet, but in reaction to the recent faketoshi/whitepaper controversy, they started hosting the whitepaper on the city's website: https://www.miamigov.com/Government/City-Officials/Mayor-Francis-Suarez/Bitcoin-White-Paper

is CSW gonna threaten to sue them now too?

snip..

CSW (Craig Scamtoshi Wright) should be awarded a medal of honor as "THE BEST SCAMMER OF THIS CENTURY"..

[BuNga_cute]

I was amazed by the courage of Miami Major to have the idea of investing in Bitcoin using public funds. Since this is not an easy decision, if this plan
fails the reputation of Miami major is at stake. Investment in Bitcoin should use the money that we can afford to lose, but what the Miami major uses
as capital is public funds. The Miami Major will carry enormous risks, but sometimes good leaders are those who dare to take risks.

[doomloop]

here's an interesting update from the city of miami.

no word on direct investment yet, but in reaction to the recent faketoshi/whitepaper controversy, they started hosting the whitepaper on the city's website: https://www.miamigov.com/Government/City-Officials/Mayor-Francis-Suarez/Bitcoin-White-Paper

is CSW gonna threaten to sue them now too?

CSW can go ahead and do whatever he wants, there is no way any court of law would find him right in any sense, it is a laughing matter about how he doesn't even get his lawsuits accepted most of the time because any court sees what the situation is about and they just throw the case away. This is why if anyone wants to do anything about bitcoin related they do not have to worry about CSW since the dude is a complete idiot.

However Miami putting their public funds on bitcoin doesn't really sound like a good idea, I can put my funds, you can put your funds but Miami putting others funds into bitcoin basically. Could it profit them? Sure it can, however if they end up losing money, they are betting on bitcoin with other peoples money and that is a problem. If I lose money on bitcoin that is my problem, if Miami mayor loses money on bitcoin that means he is losing others money and that should not be acceptable.

[Fatunad]

I was amazed by the courage of Miami Major to have the idea of investing in Bitcoin using public funds. Since this is not an easy decision, if this plan
fails the reputation of Miami major is at stake. Investment in Bitcoin should use the money that we can afford to lose, but what the Miami major uses
as capital is public funds. The Miami Major will carry enormous risks, but sometimes good leaders are those who dare to take risks.

But  this should at least be having some community approval or does really still need some confirmation before on making such step even though

this might really be ending up on making profits but to think that the corresponding risk equalled to it should really be mind off.He might be the Mayor but doesnt mean that he would
have the full control or rights into those funds that had been accumulated to the public.This is meant for other purposes not for the investment side.
If the Mayor do sees opportunity to invest with Bitcoin then it would be just good if he do stick out on putting out his own funds instead on using up
the public ones.

[Silberman]

here's an interesting update from the city of miami.

no word on direct investment yet, but in reaction to the recent faketoshi/whitepaper controversy, they started hosting the whitepaper on the city's website: https://www.miamigov.com/Government/City-Officials/Mayor-Francis-Suarez/Bitcoin-White-Paper

is CSW gonna threaten to sue them now too?

Wow!!! This is like an open endorsement for Bitcoin from the city of Miami. So can we say with 100% surety that Francis X. Suarez (the Republican mayor of Miami) is pro-Bitcoin? I would like endorsements from more Republican politicians, as the Democrats are moving in the opposite direction (with Janet Yellen threatening legal action against Bitcoin). I am not expecting much from RINOs such as Murkowski and Romney, but GOP should come in support for cryptocurrency if Yellen and her cronies are planning a crackdown.

This is a nice gesture which to me speaks volumes as it is a clear sign that he is aware of the controversy and he is aware as well that CW is a liar and that the community for the most part does not trust in him, it worries me that now the Democrats have so much power, they may actually try a move against bitcoin but at the end it will backfire on them as bitcoin is simply inevitable and the more they resist the more chances they will lose to obtain something out of it.

[milewilda]

here's an interesting update from the city of miami.

no word on direct investment yet, but in reaction to the recent faketoshi/whitepaper controversy, they started hosting the whitepaper on the city's website: https://www.miamigov.com/Government/City-Officials/Mayor-Francis-Suarez/Bitcoin-White-Paper

is CSW gonna threaten to sue them now too?

CSW can go ahead and do whatever he wants, there is no way any court of law would find him right in any sense, it is a laughing matter about how he doesn't even get his lawsuits accepted most of the time because any court sees what the situation is about and they just throw the case away. This is why if anyone wants to do anything about bitcoin related they do not have to worry about CSW since the dude is a complete idiot.

However Miami putting their public funds on bitcoin doesn't really sound like a good idea, I can put my funds, you can put your funds but Miami putting others funds into bitcoin basically. Could it profit them? Sure it can, however if they end up losing money, they are betting on bitcoin with other peoples money and that is a problem. If I lose money on bitcoin that is my problem, if Miami mayor loses money on bitcoin that means he is losing others money and that should not be acceptable.

This guy is a joke and its just right that people wont really be putting up much attention and isnt he really ashamed on things that he's been doing? Its better to ignore that to put up attention to this guy.

About on the public funds that had been invested then its not really a great idea, he's putting on the risk on the money that should really be used for city's development and other progressive projects.
Its not bad to aim for more profit or making it big but to think that this would also result into devastation too because market can crash anytime.Then what would he do?
What would he say to the people if that one happens? Sorry wont really be enough for sure.

[AndySt]

This guy is a joke and its just right that people wont really be putting up much attention and isnt he really ashamed on things that he's been doing? Its better to ignore that to put up attention to this guy.
About on the public funds that had been invested then its not really a great idea, he's putting on the risk on the money that should really be used for city's development and other progressive projects.
Its not bad to aim for more profit or making it big but to think that this would also result into devastation too because market can crash anytime.Then what would he do?
What would he say to the people if that one happens? Sorry wont really be enough for sure.

I am absolutely sure, that all these words were said only to attract attention to his person and is trying to attract cryptohalite the public and I think there are a lot of obstacles and reasons why the mayor of Miami will not be able to pull it off. City funds should and will work for the benefit of the city and its inhabitants, and not serve as an object of risky speculation.

[jaysabi]

Many people will against him for sure as the risk of investing in bitcoin considerably high and people will argue that bitcoin is a speculative and volatile asset to spend public funds. Although we know that decision is brilliant considering this year bitcoin might reach a milestone of over $100k. Depends on the time frame, they could double the funds, it's not too late obviously, just find the right entry point.

Yeah the risk is pretty high, so as long as the bitcoin price is going up we will likely see people being happy with the mayor. But once there is another crash in the bitcoin market and the coin tanks, then there is likely a public outcry against him. For bitcoins is definitely a good thing as it makes more people aware of it and pushes the coin higher. The politcial career of the mayor might be linked to the bitcoin market now, a very risky move.

Why in the first place a Mayor would put the money of his city to an investment, knowing that it's not his money in the first place?
This is what I am concerned with. Even if he is having that intention to make the funds bigger, that won't force the market to be in favor of his intention. There's no assurance that profit will be earned and even if there is a chance, that is a bad idea because it will seem that he is deciding under his plans alone without considering whether his people will agree to that decision. Just thinking of someone using my money in gambling, which will make me mad at him. That's also not under Mayor's responsibility to do so. And I do agree that this will result to bad publicity no matter how we view his intentions with this one.

All major cities have investment funds, this is not abnormal. It would be quite risky to put public funds in such a speculative investment though. I also don't want the government gambling with public funds this way. Governments have enough problems balancing their budgets under the best conditions, putting assets in speculative investments is too risky.