MiamiCoin crypto lost 88 percent of its value in less than a year
The CityCoin initiative requires miners to gain tokens on the Stacks Blockchain to then be used to bid for Miami-Coin
Allegedly the winning bidder receives 70 per cent of their investment in MiamiCoin, while the U.S. city receives the other 30 per cent in tokens.
The coin has enjoyed the support of the city’s Mayor Francis X. Suarez, who once said it could lead to a government running the city without citizens paying taxes.
When the project first launched, it was projected to succeed as the city’s mayor received a grant for over $5 million.
I’m so excited to announce that the @CityofMiami has received its first-ever disbursement from @mineCityCoins totaling $5.25M.
This is a historic moment for our city to collaborate with an innovative project that creates resources for our city through innovation not taxation.
— Mayor Francis Suarez (@FrancisSuarez) February 2, 2022
“I don’t know whether it’s going to work,” he says as the coin’s value dropped to around four-tenths of a cent.
Now it sits at $0.0044, down more than 88 per cent as reported by OkCoin–the only exchange that supports trading for the coin.
In November, the Mayor of New York City, Eric Adams also offered to take three paychecks in Bitcoin.
He also launched the N.Y.C. Coin project, which has already shed around 98 per cent of its value.
Amanda Gunn contributed to this post.
