Miami Mayor Francis Suarez has been making the rounds promoting his city as a global cryptocurrency hub. As it turns out, investors are taking him seriously.

IBC Group, a Dubai private equity firm that invests in real estate and tech, has earmarked $4.8 billion in Bitcoin for the Magic City. According to a press release last week, IBC will use the 100,000 BTC to establish the Miami 2.0 Blockchain Strategy Foundation and support other projects.

“Making the largest Bitcoin investment in history is proof of our commitment to assisting cities adopt Blockchain, which we see as the key to enabling widespread adoption,” said IBC Chairman Khurram Shroff.

The investment in Miami is no coincidence, in more ways than one. In January, Mayor Suarez voiced his plan to make Miami “the most crypto competitive city in the world.” He’s subsequently hired a chief technology officer and forwarded a resolution to the city commission that would facilitate municipal use of Bitcoin.

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Source: Decrypt

By Jeff Benson