Dubai business magnate, Khurram Shroff of the IBC Group pledged 100,000 Bitcoin (worth $4.8 billion) to the Miami 2.0 Blockchain Strategy Foundation in order to help start the platform.
Adoption of cryptocurrencies would be supported significantly by IBC’s commitment. The commitment follows after Burkhan World Investment, a US-based real estate developer, approached IBC Group.
The Largest Single Bitcoin Investment Yet
Burkhan also has a pipeline of more than $1 billion in Miami real estate developments in the works.
Mayor Suarez’s deep contribution to blockchain motivates both the IBC and Burkhan. To put it another way, both individuals are eager to be a part of Miami’s blockchain vision going forward.
Additionally, Miami has also led the way in integrating Bitcoin. It was the first city in the United States to use blockchain for day-to-day operations.
As well as the Shroff promise, a variety of developers are making major investments in Bitcoin. The crypto sector saw a major increase after these investments. Several cryptocurrencies have reached fresh all-time records in the past few weeks.
In Support of Miami’s Blockchain Initiative
Burkhan World Investment, led by CEO Shahal Khan, reached out to IBC about real estate ventures in Miami. Their fund has $1 billion invested in Miami real estate projects.
More than $1 billion worth of property developments in Miami are in the pipeline for Burkhan, which would be funded by creative technology.
Recently, Miami Mayor Suarez has shown a deep interest in Bitcoin and blockchain technology for municipal dealings. City employees can now determine whether they choose to get any or more of their salaries in Bitcoin.
Working on a resolution for our commission for this Thursday’s meeting to get the ball rolling…@elonmusk’s announcement was very helpful…now all we need is for @amazon to adopt and then 🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀 https://t.co/2wnkYD9n58
— Mayor Francis Suarez (@FrancisSuarez) February 8, 2021
Miami’s mayor, Francis Suarez, claimed that he is seeking to place Bitcoin on the region’s financial balance sheet.
The issue will be addressed at a city commission meeting on Thursday, according to a Twitter post in response to another tweet that said the time had come.
The city of Miami is so bullish on Bitcoin that it even hosts the Bitcoin white paper on the city website, with the following preamble:
The City of Miami is dedicated to becoming a model 21st century city. We think that means embracing and supporting disruptive technologies that challenge the status quo and improve how we interact with one another. Bitcoin, the decentralized financial network that allows individuals worldwide to store and send value to one another without intermediary agents like banks or payment processors, is a technology we believe will transform the world.
Bitcoin is the invention of a pseudonymous computer programmer called Satoshi Nakamoto. In October 2008, the still unknown Satoshi published a white paper called “Bitcoin: A Peer-To-Peer Electronic Cash System,” outlining his proposal and the mechanics of what we now commonly refer to as Bitcoin’s “blockchain.” The Bitcoin network has run continuously and without incident since its launch on January 3, 2009. The network currently secures over $600 billion in value and its native cryptocurrency (bitcoin with a lowercase “b” or “BTC”) is seen by many experts as the next great store of value and akin to a digital gold.
The City of Miami is actively exploring how we can best utilize Bitcoin and related technologies and are committed to supporting and attracting businesses and entrepreneurs innovating in the space.