Miami mayor receives salary in bitcoin

Miami mayor receives salary in bitcoin

Francis Suarez, the mayor of Miami, disclosed that despite the protracted bear market, he continues to get his pay in bitcoin (BTC), calling the choice an “excellent investment.”

Suarez said that his pay has grown after the change and that the increase resulted from profiting from price swings, given that he gets paid every two weeks in an appearance on CNBC’s Squawk Box program on Jan. 19. 

“People have an occasional tendency to believe that you buy it once every two weeks or when the swings are in effect. My wage has increased since I acquired it and began receiving my pay in Bitcoin. Thus it was a wise investment. In my opinion, this discourse regarding Bitcoin has certain issues.”

Francis Suarez, Mayor of Miami.

Francis: be patient with bitcoin

He clarified that the wage increase is not the consequence of trade, however. Suarez also emphasized that since bitcoin and blockchain technologies are still in their infancy, it is essential to exercise patience while using them.

Even though investing in cryptocurrencies was unusual in the past, Suarez’s decision is evidence of the growing mainstream acceptance of these digital assets and their financial possibilities.

A study conducted by Finbold found that the use of cryptocurrencies increased significantly in 2022, despite the continuous bear market.

Interestingly, Suarez received his income in bitcoin because it indicates how institutions and prominent personalities embrace cryptocurrencies. 

Eric Adams, NY’s mayor, bullish on bitcoin

The Mayor of New York City, Eric Adams, also said he would collect his first three salaries in bitcoin to show support for the first cryptocurrency. This announcement was made after Adams stated that he would do so.

It is essential to be aware that the mayor of Miami has been working toward making the city the country’s financial center for digital assets by encouraging the formation of cryptocurrency businesses there.

According to Finbold, Suarez formerly played a significant role in enticing Chinese bitcoin miners to establish businesses in the city after the activity was made illegal in the Asian country.

Because miners prefer to operate in areas with lower electricity costs, the official said he would encourage discussions with power distributors to reduce energy rates.

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Brenda Mary

Brenda Mary is a crypto enthusiast and a graduate of The University of Nairobi in economics. Brenda’s passion brings her back to her elementary school years as a poet. She enjoys discussing blockchain technology and is committed to producing original content. Brenda also covers other rapidly developing markets and economic and cryptocurrency studies.