Mayors of several major US cities are noticeably quiet about city-based cryptocurrencies they once promoted as a solution to many of their problems.
New York City and Miami are two of the cities that have been convinced by City Coins to institute city- branded blockchain projects.
Since peaking in September, the value of MiamiCoin has plummeted 95 percent.
In February of this year, the city of Miami received a $5.25 million cash injection, the first time it had ever done that.
Last year, he claimed that MiamiCoin could replace municipal taxes completely, allowing the government to operate on its own.
The value of the token is flatlining, making that dream far more distant.
Eric Adams once hailed NYCCoin as a way to drive our city forward. The token has plummeted since Adams took office, and the scandal-plagued mayor hasn't mentioned it since.
Philadelphia decided to ditch its own coin and make the better choice.
The speculative assets of MiamiCoin can't be used to exchange goods or services. It is a highly volatile asset that is mined and traded by its investors.
There is some good news. According to the Miami Herald, Miami's earnings from its February sale may go towards providing rental assistance to low income residents.
Future revenues are not certain because of the coin's value.
It's incredibly difficult to mine the coin, with investors having to put up a lot of money to increase their chances of winning. The city will take a 30 percent cut of the winnings from the next block.
Critics argue that the venture is sucking up too much city resources. Federal agencies keep a close eye on the startup's operations, like all other cryptocurrencies, because they operate in a regulatory vacuum.
Where that leaves the future of MiamiCoin is a mystery. He isn't sure himself.
I don't know if it will work or not, the mayor told the Miami Herald in February.
The price of Miami coin dropped 95 percent after the mayor backed it.
Florida City plans to give away cryptocurrencies to all residents.
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