A Dubai-based investment firm has pledged around $3.8bln worth of Bitcoin to help establish the Miami 2.0 Blockchain Strategy Foundation.
The news was announced last week and promises to be a major jab in the arm of Miami’s push to become a hub for cryptocurrency and blockchain business in America.
Miami’s mayor Francis Suarez has made headlines in recent months for his plans to drive Bitcoin adoption in the city, through initiatives like giving city employees the option to receive salaries in Bitcoin, the potential payment for fees and services with cryptocurrencies as well as the city directly investing in Bitcoin.
The Miami 2.0 Blockchain Strategy Foundation is set to get a major financial boost from Dubai’s IBC Group, which is headed up by renowned Middle-East blockchain and cryptocurrency proponent Khurram Shroff.
According to a press release from the group, Shroff has promised to put down 100,000 BTC into the project, in what is being touted as the largest Bitcoin investment ever made.
Miami pushing for blockchain & crypto dominance
Suarez has been pushing for Miami to become a popular home for blockchain and cryptocurrency business for some time now. As the Daily Chain previously reported Suarez has even been pushing for the Miami state coffers to invest in Bitcoin.
In a recent interview with Forbes, Suarez highlighted his hopes for Miami becoming a truly friendly cryptocurrency city but admitted that his hopes if investing city funds in Bitcoin would be subject to existing rules:
“There are three things that I want to do with Bitcoin and crypto generally. One is I want to be able to give my employees the ability to take a percentage of their salary in Bitcoin and crypto. Two, I want our residents to have the ability to make payments of taxes and fees in crypto. And the third thing is including Bitcoin as a part of the city’s investment portfolio. The last objective is probably the hardest of the three, not because of anything other than the fact that we have rules that we have to follow in terms of our investment threshold. So, I have to do the analysis on that and it’s on my agenda,” Suarez told Forbes in an interview.
