Bitcoin ATM Operator Says Too Early to Predict Competitiveness of MiamiCoin

WASHINGTON (Sputnik), Ekaterina Chukaeva – It’s too early to say whether MiamiCoin, the new cryptocurrency recently launched by the city of Miami, will be competitive with other digital currencies, Andrew Barnard, chief executive of Bitstop – which installed the first bitcoin ATM machine in Miami in 2015 – told Sputnik.

Last week, Miami presented its own cryptocurrency as the city is looking to gather more funding for local projects. The city teamed with CityCoins, which designs cryptocurrency for municipalities, to launch the new digital token. According to CityCoins, MiamiCoin will provide an “ongoing crypto revenue stream for the city.”

He believes that the real question is whether Miamicoin can be competitive with “other city associated cryptocurrencies long-term.”

The main factor in the success or the failure of the cryptocurrency will be overall support and endorsement from the city, according to Barnard.

Meanwhile, Miami Mayor Francis Suarez has high hopes for the new cryptocurrency, and he has already told local media that the city is capable of earning millions of dollars as a result of the popularity of MiamiCoin, adding that Miami can become a cryptocurrency capital.

Sourse: sputniknews.com