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Miami Mayor Open to Bitcoin Investment As Price Rallies Above $28,500

December 30, 2020 at 13:28 by Mark Stevenson

Miami Mayor Francis Suarez said he was “open to explore” the possibility of investing 1% of the city’s budget reserves in Bitcoin.

The announcement came in response to Morgan Creek Digital co-founder Anthony Pompliano, who had previously asked users to retweet his message if they were willing to relocate to Miami in the event of transferring a portion of the treasury to the flagship cryptocurrency.

The conversation received 1,200 retweets and caught the attention of Suarez, who took the idea positively.

In 2021, he said, the Miami authorities “will definitely work” on accepting the digital asset as payment.

As a reminder, the Mayor of Miami earlier called Bitcoin a stable investment in 2020 and announced plans to put South Florida at the forefront of crypto-friendly legislation.

Bitcoin rallies above $28,500

Meanwhile, on Wednesday, December 30, the price of Bitcoin rose to levels above $28,500, updating its all-time high. The previous price record at $28,335 was set by the leading cryptocurrency on Sunday, December 27.

Read also: Is $30,000 Next for Bitcoin Price?

At around 8:18 GMT, prices on the Bitstamp exchange soared to $28,568. However, at around 13:16 GMT, Bitcoin has already retreated while trading at $27,917 on Bitstamp.

Some experts, however, expect that the price of one bitcoin will resume growth and reach new highs above $30,000 as we head into 2021. In an email to the Guardian, Paolo Arduino, the chief technology officer of crypto exchange Bitfinex said:

While a growing institutional presence has been part of the narrative of the current bull run, we may see increased retail interest in Bitcoin as a form of digital gold.

Meanwhile, technical analysts suggest that Bitcoin would soon rally above the $30,000 level.

According to a tweet from Michaël van de Poppe, an independent market analyst, “If $27,000–27,500 sustains support, continuation is likely towards $30,000 and perhaps $32,800. Losing $27,000 and correction is imminent.”

If you have any questions and comments on Bitcoin today, use the form below to reply.

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