Miami could become the crypto capital of the world

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Financial specialists say Miami could become the crypto capital of the world as city residents love using Bitcoin and other cryptocurrencies rather than bank cards.

In March, Francis Suarez — the mayor of Miami (Florida) — said that he had been making Miami that the crypto capital of the world. “We want to join this wave of innovation,” stated Suarez.

It appears that Suarez’s ambitions are answered. Cryptocurrency exchange eToro and electronic wallet Blockchain.com announced plans to set up a headquarters or office at the city of Miami.

According to expert Hemang Subramanian from Florida University of International Business, Miami has many benefits to being the crypto capital. As a significant international financial centre, Miami attracts large numbers of immigrants from across Latin America, Central America and the Caribbean. These citizens frequently use Bitcoin to send money back to their homeland.

It makes sense to allow these citizens to pay taxes or use payment services in cryptocurrencies — be it stablecoins or other global digital currencies –,” stated Subramanian.

“This not only helps to reduce transaction costs, but also enables financial operations to flow seamlessly across geographical boundaries,” he describes.

According to Business Insider, Miami is one of those least-banked cities in the US, with one in five families not having a bank account. “Instead of using a bank card, this demographic is using Bitcoin to make online payments or send money back home,” Business Insider quoted Andrew Barnard, CEO of Bitstop.

In 2015, Barnard chose to set up the initial Bitcoin ATM in Miami. Then more and more Bitcoin ATMs function in this town. In south Miami alone, Mr. Barnard anticipates over 350 Bitcoin ATMs to be installed by 2022. “Bitcoin ATMs are booming because they’re easy to use,” he explained.

According to Barnard, even a group of retirees or senior citizens in Florida can “use Bitcoin ATMs. They even find it easier to use than an online exchange.” “The dual impact of Bitcoin ATMs will become increasingly apparent,” stated Mr. Barnard.