MIAMI, FLORIDA - MAY 29: Miami Mayor Francis Suarez speaks to the media during the annual hurricane preparation exercise at the City of Miami's Emergency Operations Center on May 29, 2019 in Miami, Florida. Multiple City departments took part in the training as the Atlantic hurricane season begins on June 1 and runs through November. (Photo by Joe Raedle/Getty Images)
Cryptocurrency, according to Miami Mayor Francis Suarez, is one of the ways his city has “totally leaned into innovation” and established itself as a key technology centre in America.
Suarez made the remark as he divulged the secret to his city’s success as a tech powerhouse ahead of the world’s largest Bitcoin conference, which begins on Wednesday in Miami.
Which Suarez described as “the world’s largest crypto conference.”
“We are going to have 50,000 attendees and it’s going to be an economic development boom for our city, creating thousands of jobs and millions of dollars in economic incentives for our city,” the Miami mayor told host Maria Bartiromo.
When asked why crypto was essential in terms of incorporating it into the Miami economy, Suarez replied that “it’s part of our transitory brand from a city that was a fantastic place to visit, a great place to retire, “the most important city in America.“
He noted that Miami was able to achieve that title “by keeping true to three simple rules,” which includes keeping taxes as low as possible and increasing funding for the police.
Suarez noted that prioritizing safety has led to a reduction in homicides “last year by 23% and this year by close to 40%.”
He stressed that “leaning into innovation” is the third way Miami was able to put itself on the map as an important city.
“Crypto is one of the ways that we have completely leaned into innovation to take away this concept that there are other cities in America that are the technological hubs of our country,” Suarez.
“Because of that we have seen our venture capital increase by 200% year-over-year, and we’ve moved over a trillion dollars in assets under management companies to the city in just 16 months.”
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