In a striking move that underscores his ongoing commitment to cryptocurrency adoption, Miami Mayor Francis X. Suarez announced that he is converting his entire salary to Bitcoin. This statement comes amid significant market volatility that has seen the cryptocurrency drop in price. He stated this during the World Economic Forum in Davos, Switzerland.
Suarez, a major advocate for Miami as a hub for crypto and tech innovation, remained unwavering in his belief in the value and utility of Bitcoin. He clarified that this decision wasn’t as precarious for him personally since his mayoral salary isn’t his sole income source.
“It’s a different decision than if a person was deciding to take their salary in Bitcoin if it was the only source of income for them…”Francis X. Suarez, Miami Mayor
The Republican mayor has been instrumental in positioning Miami as a vanguard city for cryptocurrencies, and the recent debacle with the TerraUSD stablecoin hasn’t deterred him from his vision. Suarez unveiled his intent to receive his paycheck in Bitcoin last year. Additionally, he warned of the high risk and potential rewards associated with cryptocurrencies.
The mayor acknowledged the “tremendous volatility” inherent in tech stocks and cryptocurrencies. However, he emphasized the distinction between guarding people from fraudulent practices and protecting them from losses.
“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.”Francis X. Suarez, Miami Mayor
Miami To Become A Major Crypto Hub According to Suarez
As President of the U.S. Conference of Mayors, Suarez is steering Miami toward remarkable post-pandemic recovery. He has been touted as a potential presidential candidate, a flattering proposition highlighted by Washington Post commentator George Will.
In this context, Suarez, a second-generation Cuban-American, reflected on the prospect of being the country’s first Hispanic president and the first president to rise from a mayor’s office. The notion corresponds with a significant generational shift in the nation’s political landscape, underpinning his appeal to a younger, more diverse audience.
Despite his party alignment with Florida Governor Ron DeSantis, now a confirmed presidential contender, Suarez has demonstrated an aptitude for bridging partisan divides on contentious issues. He has championed the rights of the LGBTQ+ community in Miami and urged for amplified action against global climate change.
As Mayor Suarez blazes a unique path in the political and crypto specters, his actions continue to signal his unwavering faith in Bitcoin. This remains solid despite the state of the market and Bitcoin’s turbulent market behavior. This resolute stance has positioned him, and by extension Miami, as an emblem of the growing intersection between politics, tech, and cryptocurrency.