Cryptocurrency Task Force Release Preliminary Survey Results

Cryptocurrency Task Force Release Preliminary Survey Results

Momentum may already be swinging in favor of Miami-Dade County embracing cryptocurrency. The Cryptocurrency Task Force, sponsored by County Commissioner Danielle Cohen Higgins, has released preliminary results from the surveys throughout Miami-Dade County Employees and they are surprising. Just like City of Miami Mayor Francis Suarez and Commissioner Cohen Higgins, the population surveyed is far more crypto-forward than general population study results.

County Commissioner Danielle Cohen Higgins

Specifics of the Cryptocurrency Task Force’s Surveys

While the results are still preliminary, having only received surveys back from 343 of the county’s 8,000 employees, the findings are shown to be statistically significant. The most important results – 40% of respondents have already invested in or otherwise used some form of cryptocurrency. A whopping 88% of the respondents would be interested in learning more about cryptocurrency and 10% have already used some form of cryptocurrency to pay for goods and services.

How do those numbers stack up to nationwide surveys conducted by Pew Research Center released just last November? All the numbers are far higher. Pew found that 16% of Americans, compared to 40% in the Miami-Dade Survey, have invested in, traded, or used digital currency.

What’s even more surprising about the survey results is the demographic breakdown. Despite cryptocurrency having a reputation as young/white/techy, Miami-Dade County’s survey respondents were as diverse as the county itself. Survey respondents skewed with 68% of respondents identifying as Hispanic, and 14% identifying as Black. 65% of the respondents identified as being 45+, completely shattering the young/white theory.

While 10% of the survey respondents had already used crypto to pay for goods and services, this number being far higher than anticipated, it still gives officials something to think about when investing in a vendor that would accept crypto as payment.

There were some aspects of the survey that should be noted. Despite being a large enough sample to be representative of the employees, and be statistically significant, respondents did tend to skew to certain departments, with almost 55% of the surveys coming from the county’s IT dept and another 14% from the finance side. The respondents overall did represent a full range of Miami-Dade County departments.

The goal of the task force is not to endorse any specific aspect of crypto, but to gauge the public interest. Despite the shortcomings, the survey conductors “were ecstatic with the results,” and noted they “saw a lot of honesty, of people saying they might be aware of cryptocurrency but would like to have more education.”

Future Plans for the Crytpo Currency Task Force

The crypto task force is working to deliver a final report to the county commission in the coming weeks. That report is far more than just the final survey results when it’s completed. It’s also recommendations of when and where to use cryptocurrency within Miami-Dade County. With just 10% of the population already familiar with purchasing goods via crypto, it might lend to specific categories or large purchases, instead of everyday goods and services. Think FTX making its multimillion-dollar payment to the county for the naming rights to the downtown arena in crypto.

They are also delving into the possibility of paying employee salaries in some form of cryptocurrency and investing in cryptocurrency. They’re evaluating the impact of crypto-mining, the benefits to becoming a crypto-forward county, the possibilities of attracting and building on the #MiamiTech movement, and more.

How Can Gazitua Help?

If these survey results spark an interest in using cryptocurrency in your business, we can help. Gazitua Letelier is not only involved in the growing cryptocurrency market, we also specialize in assisting clients in adopting and accepting various forms of crypto. We began accepting cryptocurrency ourselves as a form of payment almost a year ago. Our Strategic Advisor on Cryptocurrency, Gianni D’Alerta, has been working with blockchain and cryptocurrency since 2013. His expertise, along with the firm's 10-year history specializing in procurement in Miami-Dade County, the municipalities of the greater Miami area, and Miami-Dade Public Schools can provide a unique advantage for your business.

Previous ArticleNext Article
Luis is an experienced procurement lawyer and Miami lobbyist serving elected officials, businesses, international clients, and trade associations. He regularly appears before local and state government in order to advance complex objectives for clients against competing interests. He has weathered various competitive processes in Florida including Home Rule Charter Amendments, Recalls, Local, State and Federal campaigns.