Francis Suarez and Bitcoin
Francis Suarez, the Mayor of Miami, has expressed confidence in the performance of Bitcoin, asserting that his payments received in the cryptocurrency have appreciated significantly, reportedly by around 300%. In a recent interview with Fox Business, he addressed concerns over volatility in the crypto market, particularly after Bitcoin’s price fell below $100,000, amidst a general downturn in the cryptocurrency sector.
“I’m not worried because my salary was in Bitcoin when it was valued at $30,000,” Suarez explained, adding that the value of his earnings had peaked at 400% during a surge to $120,000.
He emphasized that his focus lies more on the broader implications of cryptocurrency and decentralized finance rather than the daily fluctuations in prices.
Suarez’s Bold Decision
Suarez’s decision to accept Bitcoin as part of his salary, which he made in late 2021, marked a significant and bold step by a public official, especially considering the uncertain regulatory environment surrounding cryptocurrencies in the United States at that time. He originally revealed his intentions to do so in early November 2021, with aspirations of becoming a pioneering figure in public service by opting for a salary exclusively in Bitcoin.
“I’m going to take my next paycheck 100% in Bitcoin…problem solved!” he declared during that announcement.
Timing and Commitment
It is noteworthy that Suarez seems to have miscalculated the timing of his salary transactions; while he stated he was compensated when Bitcoin was priced at $30,000, data shows that the value had already surged to roughly $64,000 during the time he declared his Bitcoin salary. Nevertheless, the mayor has indicated that he had invested in Bitcoin and Ether prior to these salary acquisitions and has supported the cryptocurrency market since late 2020, showcasing his commitment to this digital currency realm.
Miami’s Embrace of Bitcoin
For those interested in innovative payment methods, Miami is one of several cities embracing Bitcoin transactions, including rent payments. Suarez’s proactive stance positions him as a prominent figure in the evolving landscape of digital finance.
