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In the panel, CBS News correspondent Enrique Acevedo spoke with Miami Mayor Frances Suarez and Sheila Warren, CEO of Crypto Council for Innovation, about the possibilities of crypto, including increasing financial inclusion, enhanced economic activity and job growth.
Suarez was the first mayor to begin accepting his mayoral salary in bitcoin and continues to do so despite the recent price drop (while noting that it was not his only paycheck).
While some countries have shunned crypto, Miami turned to digital assets for growth after the mayor famously tweeted, “How can I help?” in 2020. Fast forward to today, and the city has built an economic growth engine that includes crypto headquarters, a jump in technology jobs as well as record-setting venture capital fundraising.
But that’s not all. In line with the basic premise of decentralization and inclusion that surrounds the industry, Miami has used crypto to make a difference.
Suarez stated during the panel that while other urban areas have seen increasing poverty and crime, Miami’s rates have declined. While it is difficult to prove that this development has any correlation to crypto, Miamicoin—which doesn't cost the city anything—has netted Miami $20 million in revenue and helped with rental assistance.
But while Suarez and Warren emphasized the need for a holistic framework to support a new global digital economy, other speakers at Davos debated whether cryptocurrencies were currencies at all and compared some to pyramid schemes.
What I found most interesting in the Future of Crypto panel conversation was the claim that minorities were embracing crypto. Indeed, a recent survey by Charles Schwab and Ariel Investments showed a higher percentage of Black Americans (25%) owned crypto compared to white Americans (15%), although fewer Black Americans hold stocks (58% versus 63%).
Can crypto help correct the equity imbalance that has existed across generations? The use of crypto as a democratizing force may help those excluded from other risky assets and enable them to make their own decisions about wealth. As Warren stated, policymakers should advocate for consumer education and empowerment instead of restricting access to certain assets.
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