Record-breaking Bitcoin Investment to Help Blockchain Become Blockbuster
The biggest Bitcoin investment in history could see Miami become a leading player in cryptocurrency transactions.
Dubai-based Khurram Shroff, chairman of IBC Group, has invested 100,000 Bitcoin (currently worth an eye-watering $4.8 billion) to create the Miami 2.0 Blockchain Strategy Foundation, among other joint ventures.
The investment follows Miami mayor Francis Suarez’s appraisal of blockchain being central to plans to make the city “one of the most tech-forward cities in the country.”
The idea is that the pledge will facilitate the adoption of Bitcoin within multiple industries and as part of everyday transactions.
IBC Group had already been approached by US-based developerBurkhan World Investment to accelerate the use of blockchain technology in Miami’s real estate market, and Shroff’s goal is for Miami to become the firsts city to completely run on blockchain technology, with the Miami 2.0Blockchain Strategy expected to transact $200 billion per day by the end of the year.