Miami mayor considers investing in bitcoin with public funds

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Quote from: Casdinyard on January 25, 2021, 10:07:38 AM

Quote from: Mauser on January 25, 2021, 09:55:51 AM

Quote from: error08 on January 25, 2021, 09:07:28 AM

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.

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Quote from: milewilda on January 29, 2021, 03:52:30 PM

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.

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Quote from: doomloop on January 29, 2021, 02:02:33 PM

Quote from: figmentofmyass on January 28, 2021, 12:30:04 AM

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? Cheesy

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.

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Quote from: bryant.coleman on January 28, 2021, 12:42:18 AM

Quote from: figmentofmyass on January 28, 2021, 12:30:04 AM

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? Cheesy

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.

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Quote from: BuNga_cute on January 28, 2021, 09:46:17 AM

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.

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Quote from: figmentofmyass on January 28, 2021, 12:30:04 AM

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? Cheesy

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.

BuNga_cute

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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.

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Quote from: figmentofmyass on January 20, 2021, 08:06:13 PM

Quote from: Chrystora123 on January 20, 2021, 11:51:31 AM

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.. Grin

Quote from: figmentofmyass on January 28, 2021, 12:30:04 AM

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? Cheesy

snip..

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

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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.

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Quote from: figmentofmyass on January 28, 2021, 12:30:04 AM

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? Cheesy

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.

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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? Cheesy

Quote

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

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Quote from: AndySt on January 25, 2021, 05:34:44 PM

Quote from: CarnagexD on January 25, 2021, 03:26:53 PM

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.

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Quote from: n0ne on January 23, 2021, 08:48:47 PM

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.

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Quote from: CarnagexD on January 25, 2021, 03:26:53 PM

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.

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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.

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Quote from: The Sceptical Chymist on January 20, 2021, 02:47:34 PM

OMG:

Quote

“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.

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Quote from: Mauser on January 25, 2021, 09:55:51 AM

Quote from: error08 on January 25, 2021, 09:07:28 AM

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.

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Quote from: error08 on January 25, 2021, 09:07:28 AM

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.

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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.

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Quote from: Question123 on January 24, 2021, 06:06:48 AM

Investing in really good but using public funds is not a wise decision because that is people's money to that is use for creating and building a project. If he use his own money as investment that is good because what ever happens to the money he will gets benefits or if the price dump he will be suffer. Im not against to him in investing in bitcoin but he needs to think also about using public funds is wrong.

LGU's have their own separate annual budget. There are funds to support city projects, calamity funds, and some other funds intended for such specific purpose. There were also budget for LGU's investments to provide a constant growth for the city.
His idea wasn't bad at all If you read the whole article.
He's actually attracting more companies that focuses on technology including crypto related companies and some innovative entrepreneurs in their city. Not only their city is benefiting from his plan and whatever strategy he has in investing to Bitcoin, but also to everyone who are invested in Bitcoin as well, like us.
He's actually visualizing a huge rise in the future, and again his idea ain't bad.

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Quote from: davis196 on January 22, 2021, 01:47:13 AM

I'm surprised that Miami has an "investment portfolio". Grin

I though that most US cities have major budget deficits,so they are relying on financial aids from the federal government.
Investing public funds is supposed to be heavily regulated and under the strict control of some government agency,so I don't think that any government will allow the investment of public funds into some digital financial asset,that is still considered very "exotic" and "risky".

You could still have a deficit and also an investment portfolio at the same time. Deficit means you have a debt, investment portfolio means you rather invest that money into something rather than pay for it. Just the same as US treasury, USA owns over 20 trillion dollars in debt, yet they do get taxes and those taxes are paid back to social services and many other things as well, just because you have deficit doesn't mean that you will never have any money at all.

To make it simpler thing of it like this, lets say you take out a mortgage, and you pay 1000 dollars a month for it, if you earn your salary and pay that off, that is good enough and whatever you do with the rest isn't anyone's problem. Same goes for this as well, you can have a deficit, you can even grow that deficit to be bigger as well, but as long as you get taxes you can put some of that into bitcoin if you want to.

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Quote from: Harlot on January 19, 2021, 04:25:31 PM

Quote from: figmentofmyass on January 19, 2021, 04:13:18 PM

if they follow through, would this be the first direct investment of government funds into bitcoin?

Maybe the first publicly known if this happens but there is a chance that this might not be the first one. Government funds especially the ones in LGUs have cash reserves that are meant for investment and most of them invest on anything they want depending on their risk factor and as long as it is legal so I won't be surprised if their analysts and fund managers have bought cryptocurrencies as a chance for growing their fund. Also for me the mayor is already late in the action and I just hope their fund manager knows that, buying in now will just give them a little space between the ATH.

WHile an interesting thought experiment, unless this investment is meant for long term, they'll probably be surprised if the price is behaving erratically, just hope whatever preparation they do is sensible. Fund managers can make or break initiatives like this, hope they pick a good one, at least one familiar enough with BTC to make a coherent plan of investment.

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'The right to privacy matters'

Cities and states pay pensions to their workers.

Most have a pension fund invested in various stocks and bonds. They attempt to make a better rate of return then 100% in so called safe bonds.

So every major city in the USA should consider .5 or 1 percent of its pension fund to be in BTC.

Google bernie madoff and pension fund losses.

My point is if funds invested into madoff they will try btc.

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Quote from: figmentofmyass on January 19, 2021, 04:13:18 PM

public officials in control of government treasuries turning into bitcoin bulls? we're obviously entering a new era! is this just the beginning---next stop, central banks?

It's only natural that after institutional investors joining, the government investors will come too, though it might still take a long time before it will happen on a large scale. They don't want to invest in something that still has some reputation of being a bubble, tulip, etc.

Quote from: figmentofmyass on January 19, 2021, 04:13:18 PM

if they follow through, would this be the first direct investment of government funds into bitcoin?

Yes, I don't think there's ever been official Bitcoin investment done by governments, if we don't count (supposed?) actions of Venezuela, North Korea, Iran when they buy crypto to avoid sanctions.

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Investing in really good but using public funds is not a wise decision because that is people's money to that is use for creating and building a project. If he use his own money as investment that is good because what ever happens to the money he will gets benefits or if the price dump he will be suffer. Im not against to him in investing in bitcoin but he needs to think also about using public funds is wrong.

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Quote from: Renampun on January 22, 2021, 04:09:06 PM

*what! the Miami mayor thinks that public funds are his personal money...
He made his own timed bomb. he was too brave to do that. In my city, this is a criminal offense regardless. what if Bitcoin crashes, will he be able to convince the Miami citizens?

That's what they call risks in the market and the thing that he did is really unsafe for himself.

His name will probably be put into shame when its citizen and people know what he did about the public funds which should be allocated in to a more responsible way.

Maybe he really likes gambling that's why he likes to deal with huge-risks in the market but still, that's a very huge and very unacceptable way of investing.

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America has been awakened to the wonders(money making ability) or the open crypto market, which isnt even as decentralized as i would have believed as a newbie, after years in this space, mostly thanks to information found here on BCT, i find that big gov. is slowly starting to adopt it, im sure thats a good thing for holders as we hope that mass adoption will skyrocket our investments but will it?

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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.

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It depends on what percentage of public funds will be bought Bitcoin, if it is above 10% I strongly discourage it. Because after all Bitcoin is still
a high risk investment, so don't just expect big profits, but must take into account the worst that will happen. Because after all it's not Miami
Major's personal money, but it is public money. So the policy for the use of public funds must be carefully calculated.

But if it is true that Major Francis Suarez dared to invest in Bitcoin and finally proved successful in making the city of Miami flourish. Other cities
in America will surely follow, and if this happens of course it will make Bitcoin even more popular and can make the price of Bitcoin go up even higher.

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Quote from: verita1 on January 23, 2021, 06:41:42 PM

This news could be preceded by a tweet from Pomp on December 29.

Quote

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

https://twitter.com/APompliano/status/1343940379176030208?s=19

And that logically excited the mayor of Miami Francis Suarez. Charlie Shrem, a faithful defender of bitcoin who lives in Miami, also joined in this conversation.

If the mayor manages to invest some public funds in bitcoin to make Miami a great promoter of new technologies, it would be a great hit for the city, the country and bitcoin.

That will benefit the financial status of the city and can be use in times of calamity, and yes if this one succeed many city’s will do the same thing and the mass adoption will slowly be done. Anyway, let’s hope that the new administration will in favor more on Bitcoin and that can be more of a good news to everyone and I’m sure we will continue the bull trend until the end of 2021.

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This news could be preceded by a tweet from Pomp on December 29.

Quote

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

https://twitter.com/APompliano/status/1343940379176030208?s=19

And that logically excited the mayor of Miami Francis Suarez. Charlie Shrem, a faithful defender of bitcoin who lives in Miami, also joined in this conversation.

If the mayor manages to invest some public funds in bitcoin to make Miami a great promoter of new technologies, it would be a great hit for the city, the country and bitcoin.

Kakmakr

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Speaking for myself, I would be pissed if our Mayor used Municipal funds that are meant for service delivery... on risky investments like Crypto currencies. It might be acceptable in countries where the local Metropolitan areas are doing well and they have a surplus in their budget, but in most large cities in my country .....those local municipalities are struggling.

Bitcoin will always be a risky investment option, because of the high volatility ..and you cannot risk public funds in the hope that it would succeed. (That said.... if they invest a very small portion of the total investment portfolio budget, it would do little harm.) Wink

dimonstration

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Quote from: iamsheikhadil on January 23, 2021, 01:04:33 PM

It's a very good news, but I think it's lethal in the current situations. Investing taxes and public money directly into cryptocurrencies can prove to be counter-productive if proves show huge volatility and the state treasure ends up with huge losses. Unless all the jobs start paying in bitcoins only, then only can we expect government to put taxes on people solely in crypto.

Transpersonal of where the funds go or where it is transferred is quite needed by the people, however the risk of losing money when dump happens may result more loses in their economy. There should be a balance use of whom to managed or operate the accounts. Governments have their own account management, it will be nice if they will also focus some people to trade or manage the fun in crypto.

iamsheikhadil

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It's a very good news, but I think it's lethal in the current situations. Investing taxes and public money directly into cryptocurrencies can prove to be counter-productive if proves show huge volatility and the state treasure ends up with huge losses. Unless all the jobs start paying in bitcoins only, then only can we expect government to put taxes on people solely in crypto.

disconnectme

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All these people see and read about how people are making incredible gains from Bitcoin and even the story of Microstrategy has legalised Bitcoin in the eyes of most of these big wigs, we are likely to see nation state keeping saving their treasury in Bitcoin, if you believe Bitcoinis going to $200k why do you want to be holding cash that is losing its value to inflation. Good decision if he can get it done

doomloop

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Lol I hope these people don’t dump all these one day and frustrate the market Tongue

. Anyway I am happy that they are starting to recognize and like Bitcoin now, but it seems we are shifting away from the main purpose which used to be transaction, and I wouldn’t like the situation whereby huge money like government money and institutional funds will go into Bitcoin and they will all pull out at a very critical time, causing the market to drop to the extent that a lot of people will be discouraged.

I would be happy when more of individuals are joining, that’s what we really need and not just some whales that can pull in and out at anytime, we need steady funds going in as they are going out, to keep the market leveled.

AndySt

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Quote from: Renampun on January 22, 2021, 04:09:06 PM

*what! the Miami mayor thinks that public funds are his personal money...
He made his own timed bomb. he was too brave to do that. In my city, this is a criminal offense regardless. what if Bitcoin crashes, will he be able to convince the Miami citizens?

In the event of a bitcoin crash, this mayor has two workable strategies. One of these strategies is to sell bitcoin at low prices in order to return at least part of the invested funds. The second strategy is to wait patiently for the exchange rate price of bitcoin to return to its original levels or even exceed the purchase price. Another question is whether the mayor will have enough time to wait for this moment before the expiration of his term of office Wink

Renampun

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*what! the Miami mayor thinks that public funds are his personal money...
He made his own timed bomb. he was too brave to do that. In my city, this is a criminal offense regardless. what if Bitcoin crashes, will he be able to convince the Miami citizens?

Gozie51

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Quote from: BITCOIN4X on January 22, 2021, 11:28:25 AM

Some countries insist that they do not allow public money to be invested in bitcoin or any other cryptocurrency. That would violate any applicable law and maybe the same applies to my country.

This my concern on to it. Investing with public fund isn't suitable for my opinion if asked. If the Mayor wants to invest in bitcoin, then he can come direct with his own money, to bear the risk alone and that is what to me will build the public trust better and not mortgaging public money like bond or trust fund. He should decide and take a individual risk then his follows will be more convinced.

BITCOIN4X

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Glad to hear that the Mayor has the courage to promote bitcoin among his citizens even if he only said he was interested and considered investing. This will increase the popularity of bitcoin among the public and I am sure that if this plan materializes then there will likely be both pros and cons. The good thing is that the Government is starting to be interested and support bitcoin even though this is just a discourse.

Some countries insist that they do not allow public money to be invested in bitcoin or any other cryptocurrency. That would violate any applicable law and maybe the same applies to my country.

Miaallen

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That would not be a wise decision to take at this our the ongoing bull run is going to an end. It would have been a very good decision if it was when the Bitcoin fork was coming or just got concluded. He should be reminded of the first caution of crypto investment "INVEST ONLY THE AMOUNT YOU CAN AFFORD TO LOSE". If the fund is what the country can afford to lose which I doubt, then he can go ahead. But this isn't a good time to do so.

RealMalatesta

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Quote from: Husires on January 20, 2021, 03:58:41 AM

The search for diversification of the city's investment portfolio does not mean that investors will deposit a lot of money because you can pay in bitcoin.
I don't think you will pay your taxes in Bitcoin, knowing that its value will increase.
Why are they thinking about an easy solution instead of looking for ways to attract capital by reducing taxes or increasing investments in those activities?

what will happen if “It's only going to go up,” not happen?

No what they are talking about is the funds. Funds are what taxes become, if all Miami citizens pay taxes to the city and that city has a treasury where all those taxes are collected into, and then spend it on whatever the City was needed to do? That would be the funds, and if they have excess amount of funds that means they could simply just invest that into something, hell even before there is any excess, if they do that and need money later they could just cash it out.

I personally think it is not wise for taxes to turn into crypto by these cities because if the price of bitcoin crashes that means you paid taxes for someone else to make a profit from trading while your city doesn't have the money you paid them as taxes, I wouldn't want that to happen in my city because that would make the city a lot poorer and it would stop a lot of the works.

davis196

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I'm surprised that Miami has an "investment portfolio". Grin

I though that most US cities have major budget deficits,so they are relying on financial aids from the federal government.
Investing public funds is supposed to be heavily regulated and under the strict control of some government agency,so I don't think that any government will allow the investment of public funds into some digital financial asset,that is still considered very "exotic" and "risky".

figmentofmyass

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Quote from: Sithara007 on January 20, 2021, 09:50:23 PM

Quote from: figmentofmyass on January 20, 2021, 08:06:13 PM

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.

If the reserves are there, then they should be kept in liquid or semi-liquid assets, because the municipality may need to dip in to the reserves and withdraw it very frequently.

it's not an all-or-nothing proposition. there is no reason to keep 100% of their treasury reserves in cash or similar instruments if most of it is just gonna sit, depreciating in value.

the proportion of reserves we're discussing is probably 1% or less: https://news.bitcoin.com/mayor-miami-treasury-reserves-bitcoin/

Quote

Pompliano tweeted on Tuesday, “Retweet this if you would move to Miami if Mayor Francis Suarez put 1% of the city’s treasury reserves in bitcoin.” Suarez replied:

“Definitely open to exploring it.”

Harlot

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Quote from: TimeTeller on January 19, 2021, 06:48:18 PM

Quote from: Harlot on January 19, 2021, 04:25:31 PM

Maybe the first publicly known if this happens but there is a chance that this might not be the first one. Government funds especially the ones in LGUs have cash reserves that are meant for investment and most of them invest on anything they want depending on their risk factor and as long as it is legal so I won't be surprised if their analysts and fund managers have bought cryptocurrencies as a chance for growing their fund. Also for me the mayor is already late in the action and I just hope their fund manager knows that, buying in now will just give them a little space between the ATH.

If they are taking this risk, they should have studied all possible consequences already.
Investing public funds into crypto, is quite dangerous route to take.
Hard to explain to your constituents when things go sideways.
Maybe they got their inspiration from those financial institutions who are buying large chunks of bitcoin.

Well they can will and most absolutely be allocating some funds for it not the entire public funds will be spent on one investment so for me there is nothing to worry about here since they will just be risking a portion of those funds and for me that is something that their government unit can stomach with. Maybe its not one of the best times to enter and think about investing in Bitcoin but if they know how to manage their risk it will always be a high risk high rewards scenario for them also we don't even know how serious their mayor is so maybe he is just throwing it out there.

ene1980

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Quote from: figmentofmyass on January 19, 2021, 04:13:18 PM

i'm not sure how serious he is, but the mayor of miami (12th largest city in the USA) just said in an interview with FOX business that they are considering a direct investment in bitcoins

Is it even possible to invest the public funds to a decentralized market and that too in a market that has too much volatility. I have no idea about the legality surrounding it but it just looks like a publicity stunt as you cannot mess around with public funds as far as i know.
The market is soaring at an all time high and if he invest despite all the odds and the market goes down what will be his back up plan, wait until the market recovers Grin

.

AniviaBtc

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If he can utilize and manage it properly then it is a win win for him, but if he loses the public funds for that then he will suffer the most.

It is really risky to invest something that you really don't own especially if you have because that's your responsibility to allocate it in more important thing. Being a mayor, you need to become a trusted politician and serve your people so that you can earn reputation but if you will only commit those things then that's very risky.

But all in all, bitcoin is worth it to invest, especially if you will use your own money so that all the profit will be yours.

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Quote from: figmentofmyass on January 20, 2021, 08:06:13 PM

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.

If the reserves are there, then they should be kept in liquid or semi-liquid assets, because the municipality may need to dip in to the reserves and withdraw it very frequently. And now the risk in investing in Bitcoin is that it is a very volatile asset and it is entirely possible that the prices can dip by 50% or 60% within a month. Here the municipality may not be in a position to wait for 3-4 years, so that the prices may come back to the previous levels.

figmentofmyass

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Quote from: Chrystora123 on January 20, 2021, 11:51:31 AM

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.

Shasha80

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If it is true that Miami major investing in Bitcoin using public funds is a very bold action, because as we know Bitcoin is very volatile. So don't just
think about the profit that will be generated, but also think about what if the Bitcoin price falls. The problem is that the funds used to buy Bitcoin
are public funds that should be used for the benefit of the people of Miami. It must be remembered that the best advice for investing in Bitcoin is
always to use money that we can afford to lose, if using public funds is in my opinion a bad idea.

If Major Suarez finally dared to make the decision to invest in Bitcoin using public funds. And finally the Bitcoin dump price is above 70%, then there is
an important need that the people of Miami needs to use the funds. So Major Suarez must take responsibility for this, failing to find a solution could
result in Major Suarez being convicted. Because it could be considered abusing the power to make decisions related to public funds.

Twinkledoe

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Quote from: arallmuus on January 20, 2021, 04:44:34 PM

Quote from: passwordnow on January 20, 2021, 03:06:05 PM

Quote from: arallmuus on January 19, 2021, 06:48:56 PM

Quote from: passwordnow on January 19, 2021, 06:35:42 PM

That's a real risk for the public funds but if it's just part of the diversification

Every investments are basically risk but it could pay off if you made the right decision. In this case it could be too late too catch the bull unless this is for a really long term investment .

-sniped-
But he should really consider getting in to the right price because it is the public that will criticize him if they ever understand what he's planning to do with their funds.

The article was published on January 2021 so we can assume that the interview probably take place somewhere on early January 2021 or Late December 2020 which also means the investment probably started before that. Besides that, this is not something that can be done by him alone and the other commissioners would probably had agreed with this idea before it started

Who knows, they have been at crypto much earlier than that? And they just disclose recently to the public. Anyway, that's their public funds, so whatever they want to do with it, it is their responsibility to their constituents. They should accept accountability for whatever may happen to their investments.

AndySt

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Quote from: The Sceptical Chymist on January 20, 2021, 02:47:34 PM

OMG:

Quote

“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.

I also believe that although the mayor is a progressive and technologically advanced person, he is a little rushing things and I am not at all sure that the city's funds should serve as an object of even successful, but still speculation. Any speculation implies risk, especially in such a dangerous area as the bitcoin market, where the risk can be multiplied several times. It is one thing to accept taxes and payments in bitcoin, and it is quite another to place city funds in cryptocurrency.

2double0

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Through public funds, do they mean taxes?
I think they should start asking their citizens to start paying taxes in btc instead of doing a direct investment because indulgence of any Government into buying this means things will become more stricter for crypto users and they may also decide to restrict others from buying it to satisfy their buying appetite.

arallmuus

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Quote from: passwordnow on January 20, 2021, 03:06:05 PM

Quote from: arallmuus on January 19, 2021, 06:48:56 PM

Quote from: passwordnow on January 19, 2021, 06:35:42 PM

That's a real risk for the public funds but if it's just part of the diversification

Every investments are basically risk but it could pay off if you made the right decision. In this case it could be too late too catch the bull unless this is for a really long term investment .

-sniped-
But he should really consider getting in to the right price because it is the public that will criticize him if they ever understand what he's planning to do with their funds.

The article was published on January 2021 so we can assume that the interview probably take place somewhere on early January 2021 or Late December 2020 which also means the investment probably started before that. Besides that, this is not something that can be done by him alone and the other commissioners would probably had agreed with this idea before it started

passwordnow

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Quote from: arallmuus on January 19, 2021, 06:48:56 PM

Quote from: passwordnow on January 19, 2021, 06:35:42 PM

That's a real risk for the public funds but if it's just part of the diversification

Every investments are basically risk but it could pay off if you made the right decision. In this case it could be too late too catch the bull unless this is for a really long term investment .

Like others, it seems to be late on it but we know it that in the long term it will be paid off. But this isn't a private fund but public's. It is scary to touch it if a citizen is just taking about it but looking forward to the positive result of it if ever the mayor starts investing on it.
But he should really consider getting in to the right price because it is the public that will criticize him if they ever understand what he's planning to do with their funds.

The Sceptical Chymist

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OMG:

Quote

“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.

Silberman

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Quote from: Hydrogen on January 19, 2021, 06:29:10 PM

I would prefer florida offer tax cuts or tax credits to bitcoin HODL'ers in the state. Rather than a direct investment.

The united states is at risk of falling behind the rest of the world in bitcoin and crypto. Adopting measures to encourage mass adoption would be a better policy IMO.

Europe and asia have had bitcoin/crypto ETFs for years, the united states still does not despite years of proposals
Europe and asia have access to crypto exchanges offering leverage on trading, USA still has none
Europe and asia have access to stablecoins like tether, USA still has none

USA is becoming a joke as far as BTC goes. Although florida doing a direct investment might be great. Grin

Besides he is claiming that he wants to invest money in bitcoin in order to make Miami more attractive for tech industries but that doesn't make sense at all, to begin with that is a movement that while it will benefit us over the long term it will only benefit them directly and no tech industry is going to see any of that money, so why should they care? If he really wants to attract the tech industry then they need to pass laws that are favourable to those kind of businesses and tax cuts are an obvious solution to that.

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Quote from: figmentofmyass on January 19, 2021, 04:13:18 PM

snip..

I don't think this is going to make Bitcoin go in a good direction in the US, the domino effect that will result from this incident is the strict rules on the use of Bitcoin as an asset. That mayor is not prohibited from investing in Bitcoin but using public funds to invest in Bitcoin is an unethical action because there are only two possibilities that are loss or profit. Public funds should be used for the welfare of other people who are in trouble (homeless, beggars, widows, parents, education, health, and infrastructure improvements). hope he doesn't end up in jail..

arallmuus

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Quote from: Husires on January 20, 2021, 03:58:41 AM

I don't think you will pay your taxes in Bitcoin, knowing that its value will increase.

Some people might.

Quote from: ?? on ??

Why do the city council need to make investments? And normally when there is a need for government authorities to invest, they usually purchase low-risk assets such as treasury bonds or bullion.

Purchasing low risk assets is also considered as investment and also money doesnt grow on trees so they need to secure alot way to get more money in. Some might invest in various stocks while this mayor choose bitcoin instead and I dont see anything wrong with that

Quote from: ?? on ??

If the story is true, then there is going to be a lot of opposition against this move, in pouring the money in to a highly volatile asset.

Of course there will be but if you look at the chart , bitcoin is one of the most profitable assets to invest in over the last 8 years. If they are in for long term which I think they do, then its not really volatile

Jating

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Not the first US state though to accept bitcoin as tax payment, Ohio becomes the first state to accept bitcoin for tax payments, although they have change tune in less than a year, Ohio businesses can no longer use Bitcoin to pay taxes – but will they care?

But I wouldn't say that this is a bullish, but it is a welcoming development that could turn into a bullish signal if other states are going to follow what Miami is considering right now. And who knows this could be the norm in the next 5-10 years with bitcoin become a reserve asset for state government.

Kasabus

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Quote from: 1l1l11ll1l on January 20, 2021, 04:20:59 AM

Quote from: Smartprofit on January 20, 2021, 02:20:10 AM

Diversifying your investment portfolio is a great idea.

Investing in stocks and bonds is currently quite risky. After all, the economic situation in the United States and in the world is not very good. Bank deposit accounts offer zero interest rates. At the same time, keeping funds in commercial banks is also risky. Therefore, it makes sense to keep part of the investment portfolio in Bitcoin and gold bars.

Therefore, the proposals of the Mayor of Miami seem absolutely reasonable.

The main thing is that the acquisition of Bitcoins with government money does not contradict US law.

I guess just for now it becomes more risky to keep money in the bank. actually according to my current understanding, the safest investment is the gold bar, because its value may not be able to decrease on a significant scale. and I think it's just a matter of time before governments in other regions will announce their interest in bitcoin, when bitcoin is getting known and gaining trust as a good investment, that's where bitcoin starts to become a trusted investment

Even before bitcoin was still in its early stage, we have made profits already. This time, investing in bitcoin is of high risk because of its expensive price but we all know that its highly volatile so more likely, the price will still go down. And that would be the perfect time for Miami mayor to start investing in bitcoin especially that he will use public funds. The profit is definitely bigger if you buy bitcoin with a cheap price. I also think Suarez has studied this bitcoin investment deeply before he propose it to his citizens and for that, he's already aware of its do's and dont's and its advantages and disadvantages.

Mauser

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Quote from: figmentofmyass on January 19, 2021, 04:13:18 PM

public officials in control of government treasuries turning into bitcoin bulls? we're obviously entering a new era! is this just the beginning---next stop, central banks?

if they follow through, would this be the first direct investment of government funds into bitcoin?

This is great news in my opinion, more investors in the bitcoin market mean higher prices in the future. I didn't really read any news yet of governments in the western world swichting into cryptos. This might be the first investment of a government fund in bitcoins.

1l1l11ll1l

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Quote from: Smartprofit on January 20, 2021, 02:20:10 AM

Diversifying your investment portfolio is a great idea.

Investing in stocks and bonds is currently quite risky. After all, the economic situation in the United States and in the world is not very good. Bank deposit accounts offer zero interest rates. At the same time, keeping funds in commercial banks is also risky. Therefore, it makes sense to keep part of the investment portfolio in Bitcoin and gold bars.

Therefore, the proposals of the Mayor of Miami seem absolutely reasonable.

The main thing is that the acquisition of Bitcoins with government money does not contradict US law.

I guess just for now it becomes more risky to keep money in the bank. actually according to my current understanding, the safest investment is the gold bar, because its value may not be able to decrease on a significant scale. and I think it's just a matter of time before governments in other regions will announce their interest in bitcoin, when bitcoin is getting known and gaining trust as a good investment, that's where bitcoin starts to become a trusted investment

Husires

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The search for diversification of the city's investment portfolio does not mean that investors will deposit a lot of money because you can pay in bitcoin.
I don't think you will pay your taxes in Bitcoin, knowing that its value will increase.
Why are they thinking about an easy solution instead of looking for ways to attract capital by reducing taxes or increasing investments in those activities?

what will happen if “It's only going to go up,” not happen?

exstasie

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Quote from: philipma1957 on January 19, 2021, 06:34:39 PM

Norway did around 1 or 2 dollars for each and every citizen (5million) as an inflation hedge.

I looked into that claim. They didn't invest in BTC. Their sovereign wealth fund has a stake in Microstrategy, and looking at the timing of the reports, I believe they were invested in Microstrategy before they ever bought BTC. So it's just a coincidence really.

https://cointelegraph.com/news/worlds-largest-sovereign-wealth-fund-indirectly-holds-almost-600-bitcoin

Smartprofit

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Diversifying your investment portfolio is a great idea.

Investing in stocks and bonds is currently quite risky. After all, the economic situation in the United States and in the world is not very good. Bank deposit accounts offer zero interest rates. At the same time, keeping funds in commercial banks is also risky. Therefore, it makes sense to keep part of the investment portfolio in Bitcoin and gold bars.

Therefore, the proposals of the Mayor of Miami seem absolutely reasonable.

The main thing is that the acquisition of Bitcoins with government money does not contradict US law.

Obito

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Quote from: Darker45 on January 19, 2021, 09:55:13 PM

This sounds great for Bitcoin. However, personally, I think public funds should not be invested in Bitcoin, except perhaps those surplus coming from the national government. Public funds have intended uses. So it should be readily available to whatever government agency or office it belongs to. If that is to be invested into Bitcoin, it might end up not accessible in the next few years if the price of Bitcoin falls hard and recovers slow.

I think this will be a good breeding ground for corruption, bitcoin offers anonymity and who will stop this pig politicians from trying to steal that invested money especially public funds which are only dispersed only by council. Not to mention that putting public funds on this kind of investments will mean that they will have money that will be sitting around not giving any dividends.

cabron

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They better do it while its still early and there bullrun too. City government normally.just.invest.to infrastructures and roads to help build more businesses in the city, investing on BTC and allowing people to used BTC in the city is new I hope it works for them.

Quote from: philipma1957 on January 19, 2021, 06:34:39 PM

Norway did around 1 or 2 dollars for each and every citizen (5million) as an inflation hedge.

That is less risky and its.a.small amount coming from tax payers, they wouldnt mind.

so98nn

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The mayor must have gotten proper blended Starbucks that morning to publicly speak about bitcoin investments. That’s just awesome way to publish crypto space and mayor has just added more investors with confidence.

There is however little problem with this project. When you have public funds you can’t make the decision on your own no matter what for you using it. There still exists people who don’t even like digital monetisation so how would they accept mayor putting their funds into stuff like crypto?

On the contrary there is new generation whose actually waiting for the government to make bitcoin and other crypto techs more legalised with such acts.

All we need to see is, how the locals will react on this one.

Darker45

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This sounds great for Bitcoin. However, personally, I think public funds should not be invested in Bitcoin, except perhaps those surplus coming from the national government. Public funds have intended uses. So it should be readily available to whatever government agency or office it belongs to. If that is to be invested into Bitcoin, it might end up not accessible in the next few years if the price of Bitcoin falls hard and recovers slow.

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It could be a direct benefit, but it can also be quite risky imo. Well, they're diversifying their portfolio so I guess the risk isn't that big, but well, it IS public funds, after all, they have to take into account all risks involved. It isn't an easy call I must say, though I do hope that they'd push it forward, at least it shows that some part of the government recognizes Bitcoin as a possible investment as well as a safe asset (since afaik, only private companies have done so?). Plus seeing as his attitude is "it'll only go up", I suppose it means that they are planning for a long term investment instead of a short term one.

arallmuus

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Quote from: passwordnow on January 19, 2021, 06:35:42 PM

That's a real risk for the public funds but if it's just part of the diversification

Every investments are basically risk but it could pay off if you made the right decision. In this case it could be too late too catch the bull unless this is for a really long term investment .

TimeTeller

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Quote from: Harlot on January 19, 2021, 04:25:31 PM

Quote from: figmentofmyass on January 19, 2021, 04:13:18 PM

if they follow through, would this be the first direct investment of government funds into bitcoin?

Maybe the first publicly known if this happens but there is a chance that this might not be the first one. Government funds especially the ones in LGUs have cash reserves that are meant for investment and most of them invest on anything they want depending on their risk factor and as long as it is legal so I won't be surprised if their analysts and fund managers have bought cryptocurrencies as a chance for growing their fund. Also for me the mayor is already late in the action and I just hope their fund manager knows that, buying in now will just give them a little space between the ATH.

If they are taking this risk, they should have studied all possible consequences already.
Investing public funds into crypto, is quite dangerous route to take.
Hard to explain to your constituents when things go sideways.
Maybe they got their inspiration from those financial institutions who are buying large chunks of bitcoin.

passwordnow

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That's a real risk for the public funds but if it's just part of the diversification, he's doing it correctly. As far as our concern, we've been into profits even before they became interested in it. But he should expect some of his townsmen to raise eyebrows on what he's planning to do.
He's wrong if he assumes that it's just always on the rise but I'm guessing that he's aware of its nature and volatility before he totally decides to put a percentage of public funds on it.

philipma1957

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Norway did around 1 or 2 dollars for each and every citizen (5million) as an inflation hedge.

Hydrogen

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I would prefer florida offer tax cuts or tax credits to bitcoin HODL'ers in the state. Rather than a direct investment.

The united states is at risk of falling behind the rest of the world in bitcoin and crypto. Adopting measures to encourage mass adoption would be a better policy IMO.

Europe and asia have had bitcoin/crypto ETFs for years, the united states still does not despite years of proposals
Europe and asia have access to crypto exchanges offering leverage on trading, USA still has none
Europe and asia have access to stablecoins like tether, USA still has none

USA is becoming a joke as far as BTC goes. Although florida doing a direct investment might be great. Grin

Harlot

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Quote from: figmentofmyass on January 19, 2021, 04:13:18 PM

if they follow through, would this be the first direct investment of government funds into bitcoin?

Maybe the first publicly known if this happens but there is a chance that this might not be the first one. Government funds especially the ones in LGUs have cash reserves that are meant for investment and most of them invest on anything they want depending on their risk factor and as long as it is legal so I won't be surprised if their analysts and fund managers have bought cryptocurrencies as a chance for growing their fund. Also for me the mayor is already late in the action and I just hope their fund manager knows that, buying in now will just give them a little space between the ATH.

figmentofmyass

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i'm not sure how serious he is, but the mayor of miami (12th largest city in the USA) just said in an interview with FOX business that they are considering a direct investment in bitcoins: https://www.foxbusiness.com/technology/miami-mayor-bitcoin-invest-cryptocurrency

Quote

The mayor of Miami wants to make his city more appealing to the tech industry by embracing bitcoin and even investing some government funds in the cryptocurrency.

“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.”

The mayor told host Stuart Varney that Miami is looking into allowing citizens to pay taxes and fees to the city in bitcoin.

“We want to be one of the most crypto-forward and technological cities in the country,” he said. “So we're looking at … creating a regulatory framework that makes us the easiest place in the United States to do business if you're doing it in cryptocurrencies.”

“I want the creative and the innovative class to come here and create high-paying jobs for my residents,” he said.

Suarez said bitcoin is “a very attractive investment” and that the city of Miami is considering “diversifying our investment portfolio” and holding a percentage of investments in bitcoin.

He believes the price of bitcoin will increase as the currency becomes more mainstream.

“It's only going to go up,” Suarez said.

public officials in control of government treasuries turning into bitcoin bulls? we're obviously entering a new era! is this just the beginning---next stop, central banks?

if they follow through, would this be the first direct investment of government funds into bitcoin?

Topic: Miami mayor considers investing in bitcoin with public funds (Read 637 times)