Francis Suarez Talks Miami Coin
In an interview with CoinDesk TV, Miami Mayor Francis Suarez shared some incredible statistics about the recently released Miami Coin (MIA). While the price of MIA has been subject to considerable volatility (an attribute of nearly any other cryptocurrency), Suarez shared that the coin has been an unprecedented success for the city, that it is mainstreaming faster than Bitcoin and that it is generating huge amounts of revenue around the clock for the 305. You can check out our review of the Miami Coin right here.
How Much Is Miami Making From Miami Coin?
Apparently, quite a bit! According to Mayor Suarez, Miami Coin is generating $2,000 every 10 minutes for the city. So far, millions of dollars in revenue have been distributed to the city from sales of the Miami coin. An incredible accomplishment for a currency that is barely a month and a half old. But Suarez sees much more of a future for Miami Coin than merely a method to generate cashflow for the city:
“What’s interesting about bitcoin is that its use case has essentially been a store of value, and the question is, does MiamiCoin remain a store of value … or does it have a different use case? We feel that if MiamiCoin metamorphoses into a currency … there exists a possibility that it could have wide use and applicability.” – Miami Mayor Francis Suarez
This is the first time that we can recall anyone mentioning the possibility of Miami Coin becoming a currency. Suarez added that MIA has been “been mainstreaming significantly faster than bitcoin,” however, it is still not a standalone currency. The comparison with the digital gold standard, Bitcoin, may seem a bit unfair. But it might not be too far off as MIA and BTC are part of the same ecosystem.
Through the Stacks (STX) protocol, smart contracts can be built on the Bitcoin platform. This is a feature previously enjoyed only by coins like Ethereum. Stacks enables Bitcoin to act in the same fashion. STX is the foundation of City Coins like MIA as it allows applications to be built on BitCoin. So, perhaps the “faster than bitcoin” comparison isn’t that far fetched.
As for the outlook for investors? Suarez made sure to mention that the city “bears no liability whatsoever for people’s investment decisions.” When asked about the volatility of MIA, he correcly stated; “There’s absolutely no reason to believe that it wouldn’t be volatile based on the way bitcoin has performed.” This has proven true as MIA rocketed up to $.06 last week only see its value drop to $.024 as this post is being typed.
What Are the Yields When You Stake Miami Coin?
The coin is listed on just one exchange, Okcoin, which is also advertising an “estimated” (but not guaranteed) 430% yield (paid in STX) for customers who deposit MIA on the platform for lending. Okcoin announced last month it was opening a Miami office.
Suarez sounded nonplussed when asked about that 430% offer, which is high even compared to the bank-beating rates of the crypto lending and decentralized finance (DeFi) markets.
“I don’t know exactly how they earn that yield,” Suarez said. “Maybe you can try it out with a dollar and see if you get that kind of a yield, and it works or not.”
Suarez slipped in a joke at the expense of the greatest running joke on Americans right now, the U.S. Dollar. The Mayor is correct, the dollar is a
pile of crap outdated fiat currency. Try earning a yield anywhere near 430%. Hell the dollar can’t even hold its own value. While pining for a +400% could be risky (with huge upside), simply holding onto dollars is a losing proposition altogether. That’s right. Holding on to $USD might just be the riskiest move of all.
Where Can I Buy Miami Coin?
Miami Coin (MIA) is now available for purchase on one exchange, OKCoin. You can start investing in the MIA coin today and receive a FREE $50 in Bitcoin for signing up with OKCoin. Click on that last sentence for more details.
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-The Crypto Trend Analyst Team