Each Miami citizen who has a digital wallet in their possession will reportedly satisfy the requirement to receive a Bitcoin dividend, as disclosed by Mayor Francis Suarez. 

Specifically, the entity Citycoins has reportedly rolled out the MiamiCoin cryptocurrency back in August, which aims to financially support a variety of municipal initiatives, via generating yield. 

“We’re going to be the very first city in America to give Bitcoin yield as a dividend directly to its residents,” Suarez shared via an interview on November 11th. 

Staking MiamiCoin has reportedly generated yields in excess of $21 million for the city. Its reserve wallet will carry out the conversion of MiamiCoin deposits into USD, dependent on commands issued by city authorities.

Suarez further revealed that should yields keep on going at this rate, the fact that they could take care of the city’s taxes demands entirely is very potential. 

Nonetheless, residents reportedly do not need to have any MiamiCoin in possession, so as to be qualified for the free BTC.

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

The mayor shared that the end goal of the project is to have as many individuals have Bitcoin as possible. 

As far as local lawmakers go, Suarez is reportedly among the most significant Bitcoin proponents. In November, Suarez and New York City Mayor Eric Adams jointly revealed their decisions of adding Bitcoin to the list of viable measures for receiving their next paychecks.