The Mayor of the City of Miami stormed forward with moving his city's finances into the scam-ridden blockchain. Since the Mayor's endorsement, this 'CityCoin' has lost 95% of its value.
Bienvenidos a Miami!
But only Miami's mayor has thrown his full endorsement behind a CityCoin-branded cryptocurrency so far. After promoting MiamiCoin to residents and investors since its launch in August, the city of Miami received millions of dollars through its agreement with CityCoins.
Over the last nine months, however, MiamiCoin has lost nearly all of its value, falling about 95% from its September peak to just $0.0032 as of May 13. Its rapid descent has burned investors on the way down, muting the dreams of Miami's city leaders, and possibly raising red flags for regulators now investigating cryptocurrency transactions.