Crypto Retirement Plans Becoming an Attractive Option in US Cities

Scott Conger, the mayor of Jackson, Tennessee, has develop into the most recent to help the idea of implementing provisions that permit residents to obtain parts of their retirement funds in crypto.

On Dec. 12, Jackson Mayor Scott Conger responded to a report on Miami’s pro-crypto Mayor Francis Suarez stating that he’s planning to take a few of his 401K retirement in BTC.

Conger, a Bitcoin fanatic, stated that each one Jackson workers may also have this selection out there to them quickly.

All of our workers will quickly have this selection. The RFP [request for proposal] is out and proposals due on the twenty second.

A 401K is a U.S. company-sponsored retirement account whereby workers can contribute earnings, whereas employers might match contributions.

Mayor Conger has additionally established a blockchain process pressure to analyze accepting property taxes in Bitcoin.

More bitcoin for Miami mayor

On Dec. 10, Miami Mayor Francis Suarez said that he’s presently exploring how he can virtually obtain Bitcoin as a part of his retirement bundle.

I simply suppose it’s a good asset to be invested in. I believe it’s one which’s clearly going to understand over time. It’s one which I imagine in.

The 44-year-old added that he’ll begin receiving crypto funds in the pension in 2022, and he has already begun receiving a part of his wage in bitcoin utilizing the Strike funds processor.

Suarez has additionally stated that Miami residents would quickly be capable to pay their municipal charges in Bitcoin.

In August, Miami launched a token known as MiamiCoin (MIA) in partnership with CityCash, it has generated $30 million in income over three months based on Bloomberg.  

Speaking to the outlet earlier this month, Suarez stated “Cities actually solely have two decisions,” earlier than including that they will fake it doesn’t exist, “or they will face these realities, embrace that disruption, embrace the change.”

Four crypto mayors and counting

Mayors Conger and Suarez will not be the one ones bullish on bitcoin. In early November, New York City Mayor-elect Eric Adams stated that Bitcoin ought to be taught in faculties. The feedback comply with an earlier assertion in which he stated he would take the primary three months of his pay as mayor in bitcoin.

In mid-November, the Mayor of Tampa, Florida, introduced that she may also be accepting her wage in bitcoin. At the time, Jane Castor made the announcement at Florida’s Bitcoin & Blockchain Summit.

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