During the first week of November, the re-elected mayor of Miami, Francis Suárez, explained that he would receive part of his salary in bitcoins through the payment processor Strike. A month later, speaking at the Real Vision Takeover event in Las Vegas, Suárez revealed that he too plans to participate in his 401k in bitcoin.
Miami’s pro-Bitcoin mayor plans to convert a portion of his 401k to crypto
Miami Mayor Francis Suarez is a huge fan of bitcoin (BTC) and has spoken of his fascination with cryptocurrencies on several occasions. In mid-October, Suárez told the press that he was making Miami the crypto capital of the United States, with the mayor emphasizing that cryptocurrency is a “high priority” for him. Suarez also told Chinese miners to move to Miami and take advantage of Florida’s abundant nuclear power after China banned bitcoin mining.
Last month, Suarez revealed that he was using the third-party payment processor Strike to convert a portion of his salary into bitcoins. Additionally, a growing number of mayors in American cities have explained that they are also interested in being paid in bitcoin. Now, Miami Mayor Francis Suárez is taking another step forward and is also converting part of his retirement money into bitcoins. Speaking with Real Vision managing editor Samuel Burke in Las Vegas, Suarez noted that it was a “personal choice.”
“I think it is a good asset to invest in. I think it will obviously be valued over time. It’s one that I believe in, ”Suarez said. Burke asked the mayor of Miami if he would invest his 401k in bitcoins next year and Suarez replied, “Oh yeah! Definitely. “The Mayor of Miami added:
Blockchain was very successful because people trust it. They trust it because they see it as an open source and unmanageable system. And I think that's the source of the popularity and the reason it's done so well.
Suarez Talks About Getting Miamicoin’s Crypto Performance And Paying City Fees In Bitcoin
Suarez explained last month that Miami residents could soon gain access to a “bitcoin inflow” originating from the city’s own crypto asset called “Miamicoin (MIA).” New York City also has its own currency called “NYC” and both NYC and MIA can be mined. The mayor of Miami also told the editor-in-chief of Real Vision that Miami residents will soon be able to pay city taxes in BTC.
“We just had an industry day for bitcoin exchanges and we are in the process of publishing an RFP (request for proposal) on that,” Suárez commented during his interview. The mayor of Miami told Burke that because he has income from the private sector, he entitles him to invest his 401k in crypto. “I have income from the private sector,” concluded Suárez. “So, to be fair, my salary as mayor is not 100% of my income. So, it is a part of my income that I can make this type of investment with. “