Tag Archives: Miami

NY and Miami Mayors Want Bitcoin Paychecks

Finance, Technology, , , , ,

Newly-elected New York City Mayor Eric Adams, and recently re-elected Miami Mayor Francis Suarez both want their first payments as mayor to be in cryptocurrency.

Photo care of Antana

Adams made his announcement on social media, saying that he would like to have his first three months’ worth of salary transferred to him in the form of bitcoin. Since the currency’s launch in 2009 it has been extremely volatile—from about $1,000 at the end of 2013 to $66,000 in late 2021, with lots of ups and downs in between.

Both Adams and Suarez want to make their respective cities “the center of the cryptocurrency industry” and “a hub for cryptocurrency innovation.”

“In New York we always go big, so I’m going to take my first three paychecks in bitcoin when I become mayor,” wrote Mr. Adams on Twitter

“NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!”

Adams was elected in early November 2021 as New York’s second Black mayor.

Suarez established in August 2021 a new cryptocurrency called MiamiCoin, run by an non-profit organization called CityCoins. The group sends 30% of the value of the currency that is created on someone’s computer to Miami. So far the city has raised over $7 million in this way.
Adams stated that he would like to create a similar non-profit as well.

Miami Business Opens Office in Cuba

Emerging Markets, News, , , ,

La Habana. Photo from Wikipedia.

The International Port Corp, a Miami-based shipping company, is the first US company to open a staffed office in Cuba since restrictions on US trade with Cuba have been eased.

A number of companies have applied for and have been given licenses from the US government to open operations in Cuba, but so far only IPC has followed through. Owner and President of IPC, Larry Nussbaum, said that his company rented a warehouse in Havana from the government of Cuba. It is staffed with six employees who were hired by a Cuban government employment agency. IPC pays the employment agency.

“The opportunities are great. Cuba is open for business,” Nussbaum said. “Now we need the American legislation to make it legal for companies like mine to expand what we can legally do in Cuba.”

IPC was first awarded their license to ship between Miami and Havana in July 2012 on humanitarian grounds. Since that time Nussbaum has expanded his company to also include commercial shipments and cargo for diplomats, by air and sea.

Despite the lifting of restrictions there has not been a serious upsurge in shipments to Cuba because Cuba is not buying too much from the US right now. The main problem is that the US embargo does not allow the offer of credit to Cuban purchasers of US products, so there is no competition in the market.

“The growth of my business is dependent on the U.S. making more activities legal,” Nussbaum said.