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

Bitcoin Signals Bull Run after Formation of Golden Cross


The mayor of Miami, Francis Suarez, who is also one of the most prominent crypto supporters, has disagreed with the opinions of Jamie Dimon regarding Bitcoin’s value. While supporting the primary cryptocurrency, Suarez affirmed that Bitcoin is not “worthless” but has intrinsic value.

The mayor noted that not only did Bitcoin have intrinsic value, but its underlying technology 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 the leading financial institutions on Wall Street. Dimon is a major critic of Bitcoin and has regularly warned people to stay away from investing in this asset. He had once stated that “Bitcoin is the fool’s gold of the future. In his most recent remark, he stated that “Bitcoin is worthless.”

Suarez quickly jumped into Bitcoin’s defence following Dimon’s negative remarks, stating that Bitcoin is not worthless. In an interview with “Varney & Co,” he stated that Bitcoin has a USD value of more than $50,000. He also affirmed that he was still bullish on Bitcoin.

The mayor further stated that Bitcoin was an exciting investment to many because it is not linked to the traditional monetary policy.  He noted that Bitcoin’s advantages over traditional systems made the cryptocurrency preferable to developing nations with affected economies.

The Miami mayor is not just a top Bitcoin supporter, but he is also a HODLer of the cryptocurrency. In June, he stated that he has personal investments in Bitcoin and Ethereum. A few weeks back, he stated that he was working on a model that would allow Miami residents to make tax payments using 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 new cryptocurrency that seeks to generate interest for the city. The MiamiCoin was developed by CityCoins Inc, a crypto developer firm. It is decentralized in nature, and like Bitcoin, it uses a proof-of-work consensus.

The working process of MiamiCoin requires that 30% of the reward be deposited to the city’s digital wallet. 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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