MiamiCoin (MIA), the unofficial cryptocurrency from the city of Miami, USA, has already lost 90% of its value since its all-time high. Such a sharp drop raises doubts about the demand for this coin, which could just be another shitcoin in the market.
Although Francis Suarez, the mayor of Miami, has backed the project, he has already expressed doubts about whether MiamiCoin will work. After all, the market is already highly fragmented by so many currencies.
Perhaps this is yet another warning that Bitcoin should be the focus of the entire community as many shitcoins seem promising miracles and then fall by the wayside after a short period of time.
MiamiCoin (MIA) plunges 90% from all-time high
Despite a surprising 400% rally in May, MiamiCoin (MIA) doesn’t seem like such a good investment. Since its historic peak, the MIA has already lost 90% of its value. So now it has to go up about 1065% to return that value.
Earlier, in February, Miami Mayor Francis Suarez had already expressed concern about the idea. After saying it might not work, he remembered that not all innovations work.
“I don’t know if it’s going to work or not, innovation doesn’t always work.”
MiamiCoin’s own decline from $0.058 to $0.0051 is a good sign of this. After all, many investors may not believe that cryptocurrencies and governments make a good pair as the latter often fight against them.
Miami is looking at Bitcoin
Aside from MiamiCoin (MIA), it is worth remembering that the mayor of Miami was one of the politicians who wanted his salary in Bitcoin (BTC). Such behavior was also observed in New York, with Eric Adams, the city’s mayor.
This “dispute” would be an attempt to lure major industry players into their cities and generate revenue for them. Miami has the upper hand for hosting the largest Bitcoin conference in April this year.
However, MiamiCoin’s price drop could be a major warning sign that the market is already saturated with new coins and Bitcoin is already solving most of the current problems.
Source: Live Coins
John Cameron is a journalist at The Nation View specializing in world news and current events, particularly in international politics and diplomacy. With expertise in international relations, he covers a range of topics including conflicts, politics and economic trends.
