The dizzying proposal has leaders in other cities, like Philadelphia and Dearborn, Michigan, clamoring to get in on a deal they hope might patch budgets, similar to how some cities and states had hoped lotteries or legalized gambling would be a solution to financial problems.
That hype also benefits people who get in early on the new currencies, which is part of what fuels arguments that cryptocurrency startups too closely resemble pyramid schemes.
When Suarez announced in November that his city would partner with the group, one of its leaders, Patrick Stanley, told news outlet and cryptocurrency price index company CoinDesk TV that Suarez “just turned his city into an oil-producing country that gives Bitcoin yield to its citizens, like that is incredible.”
That hasn’t happened and there are a lot of hurdles to clear, both legal and technological, before it could.
This story is from the February 12, 2022 edition of Techlife News.
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This story is from the February 12, 2022 edition of Techlife News.
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