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Miami’s mayor backed MiamiCoin—then it lost nearly all of its value

Over the last nine months, MiamiCoin has lost nearly all of its value, falling about 95% from its September peak to just $0.0032 as of May 13. Its rapid descent has burned investors on the way down, muting the dreams of Miami’s city leaders, and possibly raising red flags for regulators now investigating cryptocurrency transactions.

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Miami’s mayor backed MiamiCoin—then it lost nearly all of its value
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    Miami’s mayor backed MiamiCoin crypto—then its price dropped 95%

    Miami’s mayor backed MiamiCoin crypto—then its price dropped 95%

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    Quartz - Scott Nover

    On Feb. 2, the city of Miami cashed out its cryptocurrency MiamiCoin for the first time, depositing $5.25 million into city coffers. Miami mayor Francis Suarez hailed it as a “historic moment."

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