Actively promoted by Miami mayor Francis Suarez, the city deposited the first $5.25 million of Miami coin cryptocurrency into the government treasury on February 2 At that time, he praised it as a historic moment and boldly predicted that cryptocurrency could one day replace municipal taxes and become a major source of funding for the government However, in the face of the recent collapse of the cryptocurrency market, Miami coin can not escape the fate of plummeting 95%.
Miamicoin price trend (screenshot via coingecko)
As one of the cities with the largest support for cryptocurrency in the United States, Miami has just held bitcoin 2022 conference. The city's Miami coin is a financial experiment launched by an organization called citycoins.
The issuer claims that the cryptocurrency will give citizens "community-based capital flow" and stimulate new digital city services. In addition, it plans to issue a similar cryptocurrency in Austin in November 2021.
In an email sent to Miami last October, citycoins did not explicitly mention regulatory issues.
The city of Fort Worth, Texas, even officially joined the camp of mining bitcoin. Embarrassingly, in the past nine months, Miami coin has almost fallen to the price of waste paper - nearly 95% lower than its peak in September ($0.0032 as of May 13).
Such a huge slump and fluctuation not only makes the majority of cryptocurrency investors feel great pain, but also makes Miami's vision of becoming an industry leader slim, and may send a dangerous signal to the ongoing regulatory investigation.