Miami appoints innovation advisor in cryptocurrency push

Miami Mayor Francis Suarez has named a new innovation advisor to act as a “concierge” for high tech companies and cryptocurrency entrepreneurs he hopes to attract to boost Miami’s position as an innovation hub.

During his State of the City address this week, Suarez announced the appointment of Saif Ishoof as the Mayor’s Senior Advisor for Innovation & Technology. This role will be in addition to Ishoof’s work at Florida International University (FIU), where he is Vice President of Engagement, and is part of a one-year partnership with the university.

Attracting tech companies to Miami has been a long-term drive to create high-paying jobs and prepare the city for the future. It is seeing new momentum, the mayor says, as some companies relocate or open permanent offices away from Silicon Valley and New York amid a pandemic-induced shift to remote working. Miami’s low tax climate and good weather are a draw but companies are also heading to cities such as Austin and Denver.

Earlier this month, Suarez said several high-profile financial and tech firms have already decided to set up offices in Miami, including Spotify, Goldman Sachs and Blackstone, as well as a number of entrepreneurs and investors.

Miami startups raised close to US$1 billion in venture funding last year, according to preliminary Crunchbase data, and SoftBank has now announced plans to invest US$100 million, drawn from across its funds, into startups in the city.

How can I help?

A tweet from Mayor Suarez recently went viral after he replied “How can I help?” in response to a suggestion from Delian Asparouhov, a principal at the venture capital firm Founders Fund, to  “move Silicon Valley to Miami”.

This saw the mayor engaging with a stream of technology executives expressing interest and praising the business-friendly approach.

Ishoof and a wider team will work to reduce bureaucracy and connect businesses to incentives and talent in the city.

“I am excited to support this novel partnership with the City of Miami,” Ishoof commented. “I look forward to bringing my prior experience as an entrepreneur, lawyer and current role as a university administrator in supporting Mayor Suarez’s efforts to unlock Miami’s fullest potential as a robust hub for technology.”

The City of Miami has also launched a new eStart app, which allows users to apply for business licences from their smartphone or computer.

Cryptocurrency

This week, the City of Miami uploaded the 2008 Bitcoin Whitepaper by pseudonymous Satoshi Nakamoto, who developed bitcoin.

“The City of Miami believes in bitcoin,” said Suarez. “I’m working day and night to turn Miami into a hub for crypto-innovation. [I am] proud to say Miami is the first municipal government to host Satoshi’s whitepaper on a government site.”

A city statement said: “The City of Miami is dedicated to becoming a model 21st century city. We think that means embracing and supporting disruptive technologies that challenge the status quo and improve how we interact with one another. Bitcoin, the decentralised financial network that allows individuals worldwide to store and send value to one another without intermediary agents like banks or payment processors, is a technology we believe will transform the world.”

The mayor has suggested he may consider investing some government funds in bitcoin as well as allowing citizens to pay taxes and fees to the city in cryptocurrency.

He recently hosted a City Hall meeting with the Winklevoss brothers  who run the crypto-exchange Gemini, to discuss the future of cryptocurrency and bitcoin, and the possibility of a headquarters for the company in Miami.

In December, Suarez called bitcoin a “stable investment during an incredibly unstable year”, although some experts warn that compared to other investments, it can be highly volatile and risky, and could be a ‘bubble’.

Tesla and SpaceX entrepreneur Elon Musk also took to social media to pitch building his Boring Company tunnels under Miami to reduce congestion and emissions. Suarez said he was “open to discussing” Miami being a prototype city, despite it being situated only a few feet above sea level and vulnerable to further rises. The city already has the Port Tunnel.