According to Suarez, he has no reason to stop taking salaries in BTC, as his pay has significantly increased since he began the personal campaign.
Francis Suarez, the Mayor of Miami and the President of the United States Conference of Mayors, has revealed that he still purchases Bitcoin (BTC) every two weeks despite the bearish downtrend that plagued the asset class throughout last year.
Speaking to CNBC on a Squawk Box episode today, Suarez noted that his salary has increased since he started getting his pay in BTC. He had first announced his intentions to receive his salary in the premier crypto asset in 2021. Suarez’s decision further underscores his dedication to making Miami a crypto hub in the United States.
“I do, as a matter of fact, and it’s been a good investment, I still buy Bitcoin every two weeks.”
Suarez said when asked if he still takes his salary in BTC, “you have to understand that I get paid every two weeks. It’s not like I bought at $60K and now, it’s at $20K […] since I started taking my salary in Bitcoin, my salary is actually up. So it’s actually been a good investment.”
— Documenting ₿itcoin 📄 (@DocumentingBTC) January 20, 2023
According to him, he is not incurring as much loss as some people would believe because he is not actually trading the asset as it fluctuates. He further highlighted the fact that Bitcoin’s price movements are reported by the media at all times, and as such, every dip triggers panic, and every price increase provokes euphoria.
Suarez’s Plans to Make Miami a Crypto Hub
Recall that Suarez revealed in November 2021 that he will start taking his salary in BTC, as previously reported, making him the first American politician to do this. Six months before that, the crypto-friendly 45-year-old lawyer and politician had disclosed his intentions to make the city of Miami a BTC mining hub.
Following his decision to accept his paycheck in Bitcoin, he was asked if the practice is still maintained during the previous World Economic Forum last May. He answered in the affirmative, adding that his salary as Mayor is not his only paycheck.
As part of efforts to position Miami as the cryptocurrency center in the United States, the city, under the leadership of Suarez, launched its native digital asset MiamiCoin. Suarez revealed in November 2021 that the city will give BTC yields to residents who stake the MiamiCoin. Furthermore, Miami is reported to have one of the highest numbers of BTC ATMs in the U.S.