Miami may be the first major city to pay its employees in bitcoin, if the mayor’s ambitious plan comes to fruition.
Bitcoin is gaining wide acceptance beyond the tech industry. It has recently been used to pay part of NFL player Russell Okung’s salary, and even Elon Musk is saying the cryptocurrency is on the verge of widespread acceptance.
Bitcoin may be getting another major boost, with Miami Mayor Francis Suarez working to make it an accepted method of paying city employees, according to Forbes. The move is part of a larger strategy to make Miami an appealing destination for tech companies, and is seen as a way to differentiate the city from competitors.
Suarez is looking at three possible options for how the city could implement bitcoin in its economy:
- The first would involve giving city employees the option to be paid in bitcoin.
- The second would allow citizens to pay some local fees or taxes with bitcoin, or another cryptocurrency.
- The most radical option would see the city invest some of its investment capital in bitcoin.
Should any of these options move forward, it will be a huge step for bitcoin specifically, and the cryptocurrency market in general.