Miami Mayor Francis Suarez says the Bitcoin he took as a salary is now worth three times more than when he first received it in late 2021. He says Bitcoin falling below $100,000 doesn’t worry him because he cares more about its long-term value than its daily price changes.
Speaking in an interview, Suarez said he remains unfazed by the recent declines, emphasizing that Bitcoin’s long-term fundamentals are far more important than daily price fluctuations.
Suarez says he is not worried about Bitcoin price fluctuations
Mayor Suarez said he started getting his salary when the cost of one Bitcoin was $30,000, so he didn’t care if the price fell below $100,000. He explained that growth over time is what really matters to him, as his salary was once worth over 400% when the price of Bitcoin hit $120,000.
The mayor has great confidence in Bitcoin because it will always have a limited offerand people can trust its value over time. He explained that the token is very different from money because governments can always print more of it or change the rules that affect its value without people noticing.
Suarez also noted that Miami could leverage the shift in the financial economy with Bitcoin to strengthen its position and attract more investment. According to him, this is how cities develop and how their residents invest in their future.
Under Suarez’s leadership, Miami has become one of the most crypto-friendly cities in America. The bankruptcy of Miami-headquartered crypto exchange FTX in November 2022, however, has tarnished the reputation of the city’s crypto industry.
Yet the city is quietly making a comeback to re-emerge as one of the leading crypto hubs in the United States.
Suarez was always pro-Bitcoin when he was mayor
Mayor Suarez became the first American politician to receive a full salary in cryptocurrency in 2021. He wanted to show that people could own Bitcoin for everyday use, not just as an investment, so he bought his salary when the cost of one coin was $30,000.
At the time, it was unusual for a public official to link their income to digital currency, as people were not used to it. Bitcoin was also trading at $64,000, so the media remained confused, but the mayor said he was ready to set an example for the rest of the city.
Suarez has been a strong supporter of Bitcoin since 2020, saying the token will create more opportunities for spending, investing and saving with the digital currency. Suarez said Miami could stand out from other major cities if it integrates BTC into city operations, such as paying workers and collecting taxes.
However, Suarez and politicians are not the only ones accepting Bitcoin salaries; Celebrities and professional athletes are in the same boat. NFL star Odell Beckham Jr converted his 2021 salary from the Los Angeles Rams to BTA via a Cash App deal when the price of one piece was $60,000. Many people questioned his decision, saying that the token might crash suddenly, but its value continued to grow over time and almost doubled when Bitcoin hit $120,000.
NFL player Russell Okung also received half of his $13 million salary with the Carolina Panthers in 2017. Bitcoinand Saquon Barkley got $10 million from his endorsement deals in BTC. More and more people are integrating Bitcoin into their daily lives, a trend that began when politicians, celebrities, and athletes set an example for their fans and supporters.
Suarez’s optimism aligns with a national trend toward pro-crypto policies. Speaking at 1 p.m. ET Wednesday, the first day of two days American Business Forum In Miami, Florida, President Donald J. Trump urged the United States to embrace cryptocurrencies and outlined an ambitious vision for American leadership. “We are here…to embrace a vital industry here in Miami,” he said.
Trump presented his administration as a reversal of hostility in Washington: “I also signed historic executive orders to end the federal government’s war on crypto. Crypto was under siege. It is no longer.”
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