Miami Mayor Francis Suarez says the Bitcoin he took as salary is now worth three times more than when he first received it in late 2021. He says that Bitcoin dropping below $100,000 does not 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 recent dips, stressing that Bitcoin’s long-term fundamentals are far more important than daily price swings.
Suarez says he is not worried about the price swings of Bitcoin
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 dropped below $100,000. He explained that the growth over time is what he really cares about because his paycheck was once worth over 400% when the price of Bitcoin reached $120,000.
The Mayor has a lot of confidence in Bitcoin because it will always have a limited supply, and people can trust its value over time. He explained that the token is very different from money, as governments can always print more or change rules that affect its worth without people noticing.
Suarez also noted that Miami can leverage the shift in the financial economy with Bitcoin to strengthen its position and attract more investment. He says this is how cities grow and how their people invest in their future.
Under Suarez’s leadership, Miami became one of the most crypto-friendly cities in America. The bankruptcy of the Miami-headquartered FTX crypto exchange in November 2022 has, however, tainted the reputation of the crypto industry in the city.
Still, the city is quietly making a comeback to re-emerge as one of the leading crypto hubs in the U.S.
Suarez was always pro-Bitcoin during his time as mayor
Mayor Suarez became the first U.S. politician to receive a full salary in cryptocurrency back 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 connect income to digital money, as people were not accustomed 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, stating that the token will create more opportunities for spending, investing, and saving with digital currency. Suarez said Miami could stand out from other big cities if it integrates BTC into city operations like paying workers and collecting taxes.
However, it’s not just Suarez and politicians who accept salaries in Bitcoin; 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 through a Cash App deal when the price of one coin was at $60,000. Many people questioned his decision, saying the token could crash suddenly, but its value continued to grow over time, and his salary almost doubled when Bitcoin reached $120,000.
NFL player Russell Okung also got half of his $13 million salary with the Carolina Panthers in Bitcoin, and Saquon Barkley took $10 million of his endorsement deals in BTC. Increasingly, more people are incorporating Bitcoin into their daily lives, a trend that began when politicians, celebrities, and athletes set a public example for their fans and supporters.
Suarez’s optimism aligns with a nationwide trend towards pro-crypto policies. Speaking at 1 p.m. ET on Wednesday, the first day of the two-day America Business Forum in Miami, Florida, President Donald J. Trump urged the United States to embrace cryptocurrency and sketched an ambitious vision for U.S. leadership. “We are here … to embrace a vital industry here in Miami,” he said.
Trump cast his administration as reversing hostility in Washington: “I’ve also signed historic executive orders to end the federal government’s war on crypto. Crypto was under siege. It’s not under siege anymore.”
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