MIAMI – As cryptocurrency value took a major plunge this week, with Bitcoin and other cryptocurrencies losing value, MiamiCoin, a private cryptocurrency benefitting the city, has seen its own decline.
It went from an all-time high of $0.06 in August to just $0.000952 as of Wednesday evening, according to crypto exchange platform Coinbase.
This week’s Bitcoin crash came after a major cryptocurrency lender effectively failed and halted all withdrawals from its platform.
Miami Mayor Francis Suarez is a well-known crypto promoter and Miami has become a hub for the cryptocurrency industry. MiamiCoin, which is privately funded and operated by CityCoins, launched in August 2021 with the goal of putting crypto windfalls into city coffers.
“A percentage of the benefit for verifying the transaction from one person to another is what goes into the city’s digital wallet,” Suarez said. “The biggest misconception is that the city has put money into (MiamiCoin). We did not. The city has just been...
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