Crypto Retirement Plans Becoming an Attractive Option in US Cities
Scott Conger, the mayor of Jackson, Tennessee, has become the latest to support the concept of implementing provisions that allow citizens to receive portions of their retirement funds in crypto.
On Dec. 12, Jackson Mayor Scott Conger responded to a report on Miami’s pro-crypto Mayor Francis Suarez stating that he is planning to take some of his 401K retirement in BTC.
Conger, a Bitcoin enthusiast, said that all Jackson employees will also have this option available to them soon.
All of our employees will soon have this option. The RFP [request for proposal] is out and proposals due on the 22nd.
A 401K is a U.S. company-sponsored retirement account whereby employees can contribute income, while employers may match contributions.
Mayor Conger has also established a blockchain task force to investigate accepting property taxes in Bitcoin.
More bitcoin for Miami mayor
On Dec. 10, Miami Mayor Francis Suarez said that he is currently exploring how he can practically receive Bitcoin as part of his retirement package.
I just think it is a good asset to be invested in. I think it’s one that’s obviously going to appreciate over time. It’s one that I believe in.
The 44-year-old added that he’ll start receiving crypto payments in the pension in 2022, and he has already begun receiving part of his salary in bitcoin using the Strike payments processor.
Suarez has also said that Miami residents would soon be able to pay their municipal fees in Bitcoin.
In August, Miami launched a token called MiamiCoin (MIA) in partnership with CityCoins, it has generated $30 million in revenue over three months according to Bloomberg.
Speaking to the outlet earlier this month, Suarez said “Cities really only have two choices,” before adding that they can pretend it doesn’t exist, “or they can face those realities, embrace that disruption, embrace the change.”
Four crypto mayors and counting
Mayors Conger and Suarez are not the only ones bullish on bitcoin. In early November, New York City Mayor-elect Eric Adams said that Bitcoin should be taught in schools. The comments follow an earlier statement in which he said he would take the first three months of his pay as mayor in bitcoin.
In mid-November, the Mayor of Tampa, Florida, announced that she will also be accepting her salary in bitcoin. At the time, Jane Castor made the announcement at Florida’s Bitcoin & Blockchain Summit.
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