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Miami’s Mayor said he was motivated to acquire digital assets after the US government signed the latest round of stimulus bills.
Miami’s Mayor Francis Suarez has revealed that he invested in Bitcoin and Ethereum when their prices were about $40,000 and $1500 respectively. He also stated that the crypto world would be a better investment if it was not affected much by the actions of billionaires, such as Tesla’s CEO Elon Musk.
Miami’s Mayor said he was motivated to acquire digital assets after the US government signed the latest round of stimulus bills. Unrestrained printing of the green buck would bring hyperinflation in a couple of years, a very high possibility. This realization pushed him to use his own money to join the ever-increasing cryptocurrency holders.
Suarez went on to say that he had just begun his crypto investment. He has plans to purchase more of the two digital assets in the current market dip considering the two have fallen 40% from their peak levels this year. He is however quite occupied at the moment, said the Mayor.
Miami’s Mayor and His Interest in Bitcoin and Other Cryptocurrencies
The Mayor has displayed great interest in digital assets since the beginning of the year, particularly the largest asset by market cap Bitcoin. In an earlier statement, the Mayor had expressed readiness to explore the crypto world. He even went ahead to invest 1% of the City’s treasury reserves in Bitcoin and was considering accepting taxes in the form of the cryptocurrency.
From his Ethereum investment, analytics assume that he currently holds about twice what he initially invested.
Notably, the current crypto market crash was partially fueled by Tesla’s decision to decline payment for its electric vehicles in Bitcoin. Musk criticized the asset citing its high energy footprint and lack of environmental sustainability in its mining algorithm. Multiple other factors have come to play in causing the bearish trend but Musk’s admonishment has so far had the biggest effect.
Miami’s Mayor stated that Elon Musk played a crucial role in the crypto market. Moreover, he is well aware and believes that the crypto market could have extreme fluctuations in a day. However, placing stakes on cryptocurrencies would be better if market volatility was not based on single tweet reactions from billionaire influencers, said the Mayor.
The mayor admitted being a ‘big fan’ of Musk but that bitcoin would surpass fiat only when its volatility becomes independent. Only then will the digital asset mature.
Miami has plans this week to hold the biggest ever Bitcoin conference after it was postponed following the second wave of coronavirus. It will have reputable attendees such as politicians, bitcoin investors and proponents, celebrities, and regulators.