Miami’s mayor backed MiamiCoin crypto—then its price dropped 95%

On February 2nd, the City of Miami issued its cryptocurrency MiamiCoin for the first time, contributing $5.25 million to the city coffers. Hailing this as a "historic moment," Miami Mayor Francis Suarez predicted that cryptocurrency could one day even replace municipal taxes as the government's main source of funding. MiamiCoin's creator, an organization called CityCoins, was no less enthusiastic, pitching the coin as a financial experiment that will provide citizens with a "community-centric revenue stream" while spurring new digital city services.

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