INTERVIEW: Miami Mayor Francis Suarez said the MiamiCoin price collapse does not mean the technology underlying the project is flawed. iamsandali reports on the sidelines of WEF22
of its value from an all-time high around 5 cents in September 2021, according to data from CoinMarketCap.,” at the World Economic Forum’s annual meeting in Davos, Switzerland.CoinDesk: You've been an outspoken proponent of the crypto space and what it promises, particularly with MiamiCoin. What do you make of that recent crypto market downturn? Do you have any concerns?
Suarez: You know people ask me the same thing about bitcoin, the fact that it's lost more than 50% of its value, but that doesn't change my feelings about the fundamental technology. For me, what was interesting about MiamiCoin was the idea that a percentage of the mining revenue would go to the city. I just think that's a novel idea. Whether the tokenomics work is a much more complicated macro issue.
I mean, I can’t say that for sure, but it seems that way, when you have that kind of money supply, people are selling more than they're buying, that's usually what drops the price.In your view, what’s next for MiamiCoin? I've seen some utility. I’ve seen some conferences in terms of creating utilization. I think CityCoins is also trying to fix some of the economics of it to see if they can stabilize the price from what I've read and seen in terms of some of the things that they've put out. I think once those things happen, then I think we'll see. I mean, we have used $5 million that was granted to us for ato help people whose rent has increased by more than 20%.
You should talk to CityCoins. They are the ones that have the mining equipment. They have also created more coins.I don't push anything. I talk about the facts, that's what I do.
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