During the first week of November, the reelected Miami mayor Francis Suarez explained that he would receive part of his salary in bitcoin via the payment processor Strike. A month later, speaking at Real Visionâ€™s Takeover event in Las Vegas, Suarez revealed he plans to take part of his 401k in bitcoin as well.
Pro-Bitcoin Miami Mayor Plans to Convert a Portion of His 401k Into Crypto
Miami mayor Francis Suarez is a big fan of bitcoin (BTC) and he has spoken about his fascination with cryptocurrency on various occasions. In mid-October, Suarez told the press that he was building Miami into Americaâ€™s crypto capital and the mayor stressed that cryptocurrency is a â€œmajor priorityâ€ for him. Suarez also told Chinese miners to relocate to Miami and leverage Floridaâ€™s abundant nuclear energy after China banned bitcoin mining.
Last month, Suarez revealed he was utilizing the third-party payment processor Strike to get a portion of his paycheck converted into bitcoin. Additionally, a growing number of mayors in cities across the U.S. have explained they too have an interest in getting paid in bitcoin. Now Miami mayor Francis Suarez is taking it a step further and converting some of his retirement money into bitcoin as well. Speaking with the Real Vision managing editor Samuel Burke in Las Vegas, Suarez remarked that it was a â€œpersonal choice.â€
â€œI just think it is a good asset to be invested in. I think itâ€™s one thatâ€™s obviously going to appreciate over time. Itâ€™s one that I believe in,â€ Suarez said. Burke asked the Miami mayor if he would invest his 401k in bitcoin next year and Suarez replied, â€œOh yeah! Definitely.â€ The Miami mayor further added:
Blockchain has succeeded so well because people have confidence in it. They have confidence in it because they see that itâ€™s an open-source and an un-manipulatable system. And I think that is the source of the popularity and why itâ€™s done so well.
Suarez Discusses Obtaining a Crypto Yield From Miamicoin, Paying Municipal Fees in Bitcoin
Suarez explained last month that Miami residents may soon get access to a â€œbitcoin yieldâ€ that stems from the cityâ€™s own crypto-asset called â€œMiamicoin (MIA).â€ New York City also has its own coin called â€œNYCâ€ and both NYC and MIA can be mined. The Miami mayor also told Real Visionâ€™s managing editor that Miami residents will soon be able to pay municipal fees in BTC.
â€œWe just had an industry day for bitcoin exchanges, and weâ€™re in the process of putting out an RFP (request for proposal) on that,â€ Suarez remarked during his interview. The Miami mayor told Burke that because he has income stemming from the private sector it gives him the right to invest his 401k in crypto. â€œI do have private-sector income,â€ Suarez concluded. â€œSo, in fairness, my mayoral salary is not 100% of my income. So itâ€™s a part of my income I can do this type of investment with.â€
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