Even though Bitcoin has dropped over 40% in the last two months, Miami Mayor Francis Suarez stated he still takes his city salary in the largest cryptocurrency, bitcoin.
The Republican mayor, who has been working to market Miami as a cryptocurrency and tech hub, said he’s more concerned with the coin’s utility and that the collapse of the TerraUSD stablecoin hasn’t impacted his plans for the city’s crypto business.
Last year, he revealed his intention to receive his salary in Bitcoin and warned that, in addition to the potential for big returns, digital assets carry a significant level of risk and volatility.
“I will note, for the record, that it’s not my only salary.””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.”Suazrez told a panel at the World Economic Forum in Davos
Francis Suarez always represented bitcoin
On Friday, June 4, 2021, Miami Mayor Francis Suarez spoke at the Bitcoin 2021 conference in Miami, Florida, United States. The world’s largest Bitcoin conference attracted 12,000 attendees and thousands more to Miami for a two-day conference.
Francis Suarez, a 44-year-old attorney, emphasized the distinction between protecting individuals against fraud and protecting them from losses. He also mentioned the “extreme volatility” that exists in IT stocks.
“Government has a history of trying to shield people from losses, but you can’t protect people from losses,” he said. “The American system is like that. That is what distinguishes investing. That is also part of the risk of winning.”
While fellow Republican Florida Governor Ron DeSantis has been mentioned as a potential presidential candidate and has raised his profile by taking on “cultural war” issues that appeal to his base, Suarez has recently bridged the partisan divide on a number of hot-button issues, saying he believes in nurturing the LGBTQ community in Miami and calling for increased efforts to combat global climate change.
Suarez also recently unveiled a Bitcoin bull at the BTC conference in 2022, which had turned a lot of heads and harnessed attention to Miami and Suarez.