Francis Suárez would add Bitcoin to the 401(k) retirement plan
The mayor of the city of Miami, Francis Suarez, said that he would like to contribute Bitcoin to his retirement plan.
401(k) is a long-term retirement savings investment plan in the United States where an employer deducts an employee's contribution directly from their salary before tax deductions, Beincrypto reported.
A company called ForUsAll is pioneering Alt401(k), which allows 5% of a retirement savings portfolio to be invested in cryptocurrencies, following research from Yale University and FTSE/Russell University on favorable returns.
Cryptocurrencies are a type of digital asset that make an attractive addition to retirement savings as they don't track the movements of stocks and bonds. Alt401(k) offers investors exposure to 40 cryptocurrencies.
Due to lower corporate taxes, Mayor Suarez has sought to attract tech companies to Miami, and Bitcoin has formed a major part of his campaign to make Miami the next Silicon Valley.
He recently revealed his intention to pay annual Bitcoin returns to the citizens of Miami from an open source crypto initiative called MiamiCoin.
The MiamiCoin initiative has accumulated more than 21 million dollars and has shown the interest of its citizens in cryptocurrencies.
Citizens of Miami were allowed to mine the base cryptocurrency called Stacks, convert it to MiamiCoin using CityCoins, and retain 70% of the coins minted.
Suarez receives his mayor's salary in Bitcoin through the Strike app. However, he conventionally receives income through his law practice and his membership in a private equity firm.
Miami Daily
Author: MiamiDiario JM 7:01 am