Speaking publically, Suarez thanked the city of Miami commissioners for supporting his resolution to procure a vendor to be able to offer employees the option to receive a portion of their salaries in Bitcoin.
He added this allows our residents to pay for fees in Bitcoin and would also allow the city manager to cooperate with the county to allow taxes to be paid in Bitcoin. He continued;
“The city of Miami supports efforts to make Bitcoin an acceptable currency for us to potentially invest in in the future. It is wonderful to be a very crypto forward city in Miami,”
The massive endorsement was noted and retweeted by a number of industry experts including Anthony Pompliano;
WOW! Miami Mayor @FrancisSuarez just got Miami into Bitcoin.
– Employees paid in BTC
– Residents pay fees in BTC
– Taxes in BTC
– City Treasury in BTC
Absolutely unreal. The first Bitcoin municipal in the United States 🔥 pic.twitter.com/zv7rM7C39B
— Pomp 🌪 (@APompliano) February 12, 2021
‘Pomp’ then added;
“It is a matter of national security that the United States embraces and adopts Bitcoin. The only way to remain in the leadership position on a global stage is to ensure that we benefit from the open, decentralized protocol. Anything less will be catastrophic to the country.”
Bitcoin Market Cap Hits $1T
BTC has currently retreated back to trading at $47,400 which makes it flat over the past 24 hours. Its next target, however, is the psychological $50k barrier and Miami’s Mayor may have just helped it get there.
The latest ATH has pushed the asset’s fully diluted market capitalization to a record one trillion dollars, as noted by Litecoin creator, Charlie Lee;
$1T fully diluted market cap! 🎉 pic.twitter.com/NUhblxWGQK
— Charlie Lee [LTC⚡] (@SatoshiLite) February 12, 2021
Bitcoin dominance however has continued to slide as Ethereum holds ground above $1,750 and a number of altcoins and DeFi tokens hit new all-time highs. It is currently a little over 62% having lost 13.5% since the beginning of 2021.
Total Cap Tops $1.4 Trillion
Tradingview is reporting the total market cap at just over $1.4 trillion whereas Coingecko’s figures are a little higher at $1.45 trillion, a 5% gain on the day.
Either way, it marks a new all-time high for total market cap putting it on a par with Google’s Alphabet.
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