Commodity Blog

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.

Retweet this if you would move to Miami if Mayor @FrancisSuarez put 1% of the city’s treasury reserves in Bitcoin.

— Pomp ? (@APompliano) December 29, 2020

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

Definitely open to exploring it.

— Mayor Francis Suarez (@FrancisSuarez) December 29, 2020

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

As a start, what about accepting bitcoin as a means for citizens to pay for city services/bills?

— Mike Senechal (@msenechal) December 29, 2020

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.