Reelected Miami mayor to take 401k retirement savings partly in Bitcoin

Miami Mayor Francis Suarez also receives a part of his salary in Bitcoin with the help of a third-party payment processor Strike.

The long-standing mayor of Miami Francis Suarez has now announced plans to take a part of his 401(k) payout in Bitcoin (BTC) just a month after he started receiving salary in BTC. 

Soon after becoming the first United States lawmaker to accept a part of his salary in Bitcoin, Suarez wants to dedicate a part of his retirement savings to Bitcoin based on “a personal choice,” he said in an interview with Real Vision:

“I just think it is a good asset to be invested in. I think it’s one that’s obviously going to appreciate over time. It’s one that I believe in.”

Suarez highlighted that Bitcoin’s success is tightly tied to the confidence in the system, which is inherently an “open-source, un-manipulatable system”. The mayor revealed that he has started receiving salary payments in Bitcoin through the help of a third-party payment processor Strike.

The mayor also shared that the city government accepts fee payment in Bitcoin from Miami residents. While the Mayor explores the various options for enabling the Bitcoin payments for retirement savings, Suarez is certain to establish a relevant system by 2022.

Related: Miami will hand out free Bitcoin to residents from profits on city coin

In an effort to further drive Miami’s Bitcoin adoption drive, Mayor Suarez announced on Nov. 12 to give Bitcoin yield as a dividend directly to every eligible Miami resident.

As Cointelegraph reported, the city of Miami will divide and distribute the BTC yields to residents earned by staking its in-house cryptocurrency, MiamiCoin, which was initially launched by Citycoins to fund municipal projects by generating yield. In a bid to transform the city into a major cryptocurrency hub, Suarez said:

“We’re going to create digital wallets for our residents. And we’re going to give them Bitcoin directly from the yield of MiamiCoin.”

Florida governor’s budget proposal wants to let residents pay fees in crypto

The new budget proposal also involves a blockchain pilot for vehicle registrations.

Florida Governor Ron DeSantis has officially proposed the state government to allow businesses to pay state fees with cryptocurrencies like Bitcoin (BTC).

The Republican governor announced the idea as part of his 2022–2023 budget proposal, released on Dec. 9.

According to the official budget highlights, DeSantis proposed to provide $200,000 to the Department of Financial Services to offer Florida corporations the ability to “pay state fees via cryptocurrency directly to the Department of State.”

“Florida encourages cryptocurrency as a means of commerce and furthering Florida’s attractiveness to businesses and economic growth,” the document reads.

DeSantis additionally proposed allocating another $500,000 to explore the potential of blockchain technology to maintain motor vehicle records as well as authenticate Medicaid transactions and detect potential fraud.

The overall $700,000 proposal is dedicated to enable a crypto-friendly Florida, the budget proposal reads.

Florida has been steadily emerging as a major cryptocurrency-friendly jurisdiction in the United States as one of its major cities, Miami, is being actively promoted as the “world’s Bitcoin and crypto capital.”

Related: ​​Navigating CityCoins: Miami citizens to earn Bitcoin despite the city not holding crypto

Last month, Miami Mayor Francis Suarez announced that he aimed to be the first U.S. lawmaker to accept part of his paycheck in Bitcoin. The official reportedly owns both BTC and Ether (ETH).

In September, Miami’s city commissioners voted to accept funds generated by the new MiamiCoin cryptocurrency, which was launched by the smart contracts protocol CityCoins in August. Having generated more than $21 million in yields as of mid-November, MiamiCoin will be available to all Miami residents in the form of a Bitcoin dividend, according to the city mayor.

Craig Wright Cleared of All Charges Except a Conversion Count, Jury Awards $100 Million to W&K Info Defense

Craig Wright Cleared of All Charges Except a Conversion Count, Jury Awards $100 Million to W&K Info Defense

The Kleiman v. Wright trial has come to a conclusion and Craig Wright and his defense team has won on all claims except one count of conversion. According to a court reporter, Craig Wright, the man who claims to be Satoshi Nakamoto, said he was “incredibly relieved.”

Craig Wright’s Defense Wins on All Claims Except Conversion — Wright Says ‘I’m Not Going Anywhere, I’m Here for the Long Term’

After the jury was deadlocked in the Kleiman v. Wright case for days last week, the jurors came to a decision on Monday, December 6, 2021. Craig Wright and his defense team from Rivero Mestre LLP have managed to beat all the charges except one count of conversion.

The jurors ruled that while Wright was cleared of most charges, he must pay $100 million to W&K Info Defense and no punitive damages. Carolina Bolado, the Law360 reporter at the trial, explained that Judge Beth Bloom commended the attorneys who provided “superb representation” to their clients. Bolado also detailed that Wright said he was “incredibly relieved.”

The plaintiffs, the Kleiman estate, accused Wright of manipulating his former business partner Dave Kleiman’s bitcoin inheritance and IP. The lawsuit’s preliminaries and discovery period dragged on for years, with all kinds of mystery in between.

Bitcoinsv (BSV) supporters celebrated Wright’s victory on social media platforms and forums. However, other crypto advocates criticized the publication Coingeek for reporting on the verdict in a bias manner. Coingeek author Jordan Atkins claims in his headline that “Bitcoin creator Craig Wright 100% Satoshi Nakamoto, says Kleiman v. Wright jury.”

“Thank you everyone for all your support over all of the years,” Wright said in a video response following the verdict. “This has been a remarkable good outcome and I feel completely vindicated. “Next, there are still more fights. Were going to make everything change… cryptocurrency to digital cash the way its meant to be. My original invention is coming back. I’m not going anywhere, I’m here for the long term and I’m here for the fight.”

Bitcoin Advocates Snark at Wright’s So-Called Win

A few other bitcoin advocates had different opinions of the outcome. Alistair Milne said: “Craig Wright found guilty of stealing his dead partner’s assets, fined $100mil.” The attorney Stephen Palley tweeted: “LOL. The people who think that getting hit with a $100 million jury verdict for conversion (stealing) is a win.”

“Craig Wright is a charlatan pretending to be Satoshi without proof and is getting sued by some other guy or something like that I don’t remember,” the co-founder of Dogecoin, Billy Markus tweeted. “Anyway the whole thing is dumb and my tweet was just making fun of morons who blame devs and founders for the current trading price.”

The attorney representing the Kleiman side seemed pleased with the verdict when he tweeted “100,000,000” with a smiley face emoji. “Craig Wright is now officially the most bankrupted Faketoshi ever,” the Twitter account Arthur van Pelt said. Is that a section in the Guinness Book of Records yet?” he further asked.

The lawsuit could see some type of appeal process stem from both sides of the case in regard to the jurors’ recent decision. The hoopla on social media is no different than any other day, as Wright’s supporters wholeheartedly believe the decision was a big win, Wright’s detractors think the case proved he did something wrong. Either way, the verdict will likely not change any minds with strong biases for or against Wright, and whether or not his Satoshi tales are true or false.

What do you think about the verdict in the Kleiman v. Wright trial? Let us know what you think about this subject in the comments section below.