Crypto retirement plans become an attractive option in US cities

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Scott Conger, the mayor of Jackson, Tennessee, has become the latest to support the concept of implementing provisions that allow citizens to receive a portion of their retirement funds in crypto.

Jackson Mayor Scott Conger responded to a report on Miami’s pro-crypto mayor Francis Suarez on December 12, stating that he planned to take part of his 401K retirement in BTC.

Conger, a Bitcoin enthusiast, said all Jackson employees will also have this option available to them soon.

All our employees will soon have this option. DP [request for proposal] is out and proposals are due on 22.

A 401K is a U.S. company sponsored retirement account through which employees can contribute income, while employers can match contributions.

Mayor Conger has also set up a blockchain task force to investigate the acceptance of property taxes in Bitcoin.

More bitcoins for the mayor of Miami

Miami Mayor Francis Suarez said on December 10 that he is currently exploring how he can practically receive Bitcoin as part of his retirement package.

I just think it’s a good asset to invest in. I think it’s an asset that will obviously appreciate over time. This is the one I believe in.

The 44-year-old added that he will start receiving crypto payments in the pension in 2022, and he has already started receiving part of his salary in bitcoin using the Strike payment processor.

Suarez also said Miami residents may soon be able to pay their city fees in Bitcoin.

In August, Miami launched a token called MiamiCoin (MIA) in partnership with CityCoins, which generated $ 30 million in revenue over three months according to Bloomberg.

Speaking to the outlet earlier this month, Suarez said “cities really only have two choices,” before adding that they can pretend it doesn’t exist, “or they can face these realities, embrace this disruption, embrace change “.

Four mayors crypto and counting

Mayors Conger and Suarez aren’t the only ones who are bullish on bitcoin. In early November, New York City Mayor-elect Eric Adams said Bitcoin should be taught in schools. The comments follow an earlier statement in which he said he would take the first three months of his salary as mayor in bitcoin.

In mid-November, the mayor of Tampa, Florida announced that she would also accept her salary in bitcoin. At the time, Jane Castor made the announcement at the Bitcoin & Blockchain Summit in Florida.

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