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Miami’s Mayor Dismisses Dimon’s Remarks that ‘Bitcoin is Worthless’

The mayor of Miami, Francis Suarez, who is additionally one of the crucial distinguished crypto supporters, has disagreed with the opinions of Jamie Dimon concerning Bitcoin’s worth. While supporting the first cryptocurrency, Suarez affirmed that Bitcoin is not “worthless” however has intrinsic worth.

The mayor famous that not solely did Bitcoin have intrinsic worth, however its underlying expertise was the “most secure, most decentralized blockchain on the planet.”

Suarez Dismisses Dimon’s Remarks

Jamie Dimon is the CEO of JPMorgan Chase, one of many main monetary establishments on Wall Street. Dimon is a serious critic of Bitcoin and has often warned individuals to steer clear of investing on this asset. He had as soon as said that “Bitcoin is the fool’s gold of the future. In his most recent remark, he stated that “Bitcoin is worthless.”

Suarez shortly jumped into Bitcoin’s defence following Dimon’s destructive remarks, stating that Bitcoin is not nugatory. In an interview with “Varney & Co,” he said that Bitcoin has a USD worth of greater than $50,000. He additionally affirmed that he was nonetheless bullish on Bitcoin.

The mayor additional said that Bitcoin was an thrilling funding to many as a result of it is not linked to the standard financial coverage.  He famous that Bitcoin’s benefits over conventional methods made the cryptocurrency preferable to creating nations with affected economies.

The Miami mayor is not only a high Bitcoin supporter, however he is additionally a HODLer of the cryptocurrency. In June, he said that he has private investments in Bitcoin and Ethereum. A number of weeks again, he said that he was engaged on a mannequin that would enable Miami residents to make tax funds utilizing Bitcoin.

“We want to do it with Bitcoin because it’s what we know and what we trust. We think it’s the most verifiable and most trustworthy network out there,” he added.

Progress of Miami Coin

In August 2021, Miami launched the MiamiCoin, a brand new cryptocurrency that seeks to generate curiosity for town. The MiamiCoin was developed by MetropolisCoins Inc, a crypto developer agency. It is decentralized in nature, and like Bitcoin, it makes use of a proof-of-work consensus.

The working means of MiamiCoin requires that 30% of the reward be deposited to town’s digital pockets. Suarez added that “In the case of bitcoin, the reward would have gone 100% to the miner, in the case of MiamiCoin, 30% of it goes to a digital wallet for the city, and that has generated in 75 days, $16.5 million.”

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