Renowned Bitcoiner, investor, and podcaster Stephen Livera calls out Miami Mayor Francis Suarez for endorsing Citycoin.
Since Livera’s statement, Miami citycoin has cratered -88% in USD terms.
Stephan Livera is a leader in the Bitcoin Space as the Managing Director of Swan International at Swan Bitcoin.
Livera also hosts the Stephan Livera Podcast, one of the biggest and most watched in the industry.
The Austrian Economist and Bitcoiner called his shot. Livera’s tweet is the latest in a flurry from top members of the Bitcoin only Swan team.
Swan CEO Cory Klippsten who called the Luna debacle, now has Celsius’s Alex Mashinsky shaking in his boots, and shitcoiners looking under the bed at night.
MiamiCoin tanks 88% in less than a year
Mayor Francis Suarez’s ‘CityCoin’ is presently worth $0.0044.
Miami, the host city of the Bitcoin 2022 event we recently attended, does not control or operate the MiamiCoin “cryptocurrency”.
Mayor Francis Suarez’s endorsed the ”cryptocurrency”, stating it raised “the prospect of being able to run a government without the residents having to pay taxes.”
According to Quartz, MiamiCoin’s value has plunged by up to 95% since its introduction on August 3rd.
Miners must buy tokens on the Stacks (STX) blockchain in order to bid for MiamiCoin under the CityCoin scheme.
The successful bidder receives 70% of their investment in MiamiCoin, with the city receiving the remaining 30% in STX tokens.
Miami could be forced to refund investors’ money
Suarez stated that the city got a $5.25 million reimbursement from the project on February 2nd.
However, 17 days later, the Miami Herald quoted the mayor as saying, “I don’t know whether it’s going to work,” as the coin’s value dropped to around four-tenths of a cent.
Miamicoin sits at $0.0044, down more than 88%, according to OkCoin, the sole exchange that supports the trading of it.
Separately, Quartz obtained an email from CityCoins to the mayor’s office expressing concern that his statements could trip “regulatory wires” — if the SEC investigated and determined the coin is an unregistered security rather than currency, both CityCoin and the city could be forced to refund investors’ money.
