By
Godfrey Benjamin
April 20th, 2024
Mayor Suarez’s stand does not come as a surprise as he has always promoted Miami as a crypto and tech hub.
Miami mayor Francis Suarez has admitted that he still takes his salary in Bitcoin despite the current market volatility that has taken the primary crypto down 40% over a 2-month span.
Suarez started taking his paycheck in BTC last year, cautioning that people ought to remain aware of the high risk as well as volatility that characterizes the crypto space alongside the potential for high rewards.
Speaking to a panel at the World Economic Forum in Davos, Switzerland on May 24, Suarez explained that he has other income streams payable in fiat, which makes accepting BTC payments a plausible option for him. Despite the current bearish market, the Miami official remains bullish about Bitcoin.
On the issue of Terra’s crash, Suarez asserted it has not wavered his vision for the people’s crypto. Per the Miami mayor, crypto investment and other tech stocks have always been a risky move given that these assets are defined by volatility. Nonetheless, Suarez believes that profit never comes absent risk.
“Government has had a tendency over time to try and protect people against losses, and you can’t protect people against losses. That’s the American system. That’s what makes investing. That’s the risk component to winning as well,” said he.
Mayor Suarez’s stand does not come as a surprise as he has always promoted Miami as a crypto and tech hub. According to available information, Suarez is more focused on Bitcoin’s utility, which explains why the Terra fiasco never flickered his aspirations to foster crypto within his city.
Bitcoin Could Rise to $38K
MicroStrategy CEO Michael Saylor tweeted:
“As Wall Street embraces BTC, the deniers dwindle, the skeptics transform into traders, the technocrats are emboldened, and the ranks of the Maximalists swell.”
This is on the back of JPMorgan’s belief that Bitcoin has the potential to hit $38k. And that it is now among the bank’s preferred alternative investments.
In his opinion, Suarez believes that Bitcoin’s biggest advantage is that it can create a system of exchange wherein people are free from the “wild inflation and rigorous devaluation due to corrupt individuals.” The Miami official believes BTC can eradicate communism while democratizing people’s choices.
Suarez’s current annual income as a political figure in Miami ranges between $150,000 and $200,000, translating to 5-6.7 BTC.