A Dubai-based businessman has pledged the largest Bitcoin investment deal in history to help the development of cryptocurrency in the US city of Miami.
Khurram Shroff, chairman of Dubai’s IBC Group, who is the poster child of blockchain technology in the Middle East, said he has pledged 100,000 Bitcoin – current value of $4.8 billion – to set up the Miami 2.0 Blockchain Strategy Foundation and other related joint venture projects.
Shroff added that he hoped his backing of Miami 2.0 Blockchain Strategy could turbo-charge use of the cryptocurrency, which is estimated to transact $200 billion per day by the end of 2021.
The pledge by IBC group, the largest in Bitcoin history, will be significant in facilitating the digital currency’s adoption across multiple industries and critical in aiding Miami’s vision to integrate Bitcoin in everyday transactions.
An avid supporter of Ethereum 2.0, Shroff was previously instrumental in its beacon chain reaching the required threshold for its launch in November.
The pledge comes after IBC Group was approached by US-based real estate developer Burkhan World Investment to increase the adoption of the blockchain technology in real estate projects in Miami.
“Making the largest Bitcoin investment in history is proof of our commitment to assisting cities adopt blockchain, which we see as the key to enabling widespread adoption”, said Shroff.
Burkhan currently has over $1 billion worth of real estate projects in Miami in its pipeline that are being empowered with technological innovation.
Inspired by Miami mayor Francis Suarez’s commitment to blockchain, both IBC group and Burkhan said they are looking forward to being a part of Miami’s strategic tech vision.
“Cities like Miami, we’re trying to attract tech town. It’s part of a larger play to position Miami as one of the most tech-forward cities in the country”, Suarez previously said.
The announcement by the mayor sparked the Miami 2.0 Blockchain Strategy Foundation that will help Miami achieve its ambition to be a leading technological hub in the United States.
Shroff said he believes that Miami can align itself with Dubai, which is also at the forefront of blockchain technology adoption, and become the first city to completely run on blockchain in the United States.