Francis Suarez, Miami’s reelected mayor explained to the audience that Strike would allow him to receive part his salary in Bitcoin. A month later, speaking at Real Vision’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
Francis Suarez (Miami mayor) is a huge fan of Bitcoin (BTC). He has discussed his interest in cryptocurrency several times. In mid-October, Suarez told the press that he was building Miami into America’s crypto capital and the mayor stressed that cryptocurrency is a “major priority” for him. Suarez also told Chinese miners to relocate to Miami and leverage Florida’s abundant nuclear energy after China banned bitcoin mining.
Suarez disclosed last month that he used Strike, a third-party payment processor to convert a part of his salary into bitcoin. A growing number of American mayors have expressed an interest in receiving bitcoin payments. Miami mayor Francis Suarez now plans to convert some of his retirement savings into bitcoin. Speaking with the Real Vision managing editor Samuel Burke in Las Vegas, Suarez remarked that it was a “personal choice.”
“I just think it is a good asset to be invested in. I think it’s one that’s obviously going to appreciate over time. It’s one that I believe in,” Suarez said. Burke asked the Miami mayor if he would invest his 401k in bitcoin next year and Suarez replied, “Oh yeah! Definitely.” The Miami mayor further added:
People have faith in blockchain and it has been a huge success. They have confidence in it because they see that it’s an open-source and an un-manipulatable system. And I think that is the source of the popularity and why it’s done so well.
Suarez discusses how to obtain a crypto yield from Miamicoin and paying municipal fees in Bitcoin
Suarez explained last month that Miami residents may soon get access to a “bitcoin yield” that stems from the city’s own crypto-asset called “Miamicoin (MIA).” New York City also has its own coin called “NYC” and both NYC and MIA can be mined. The Miami mayor also told Real Vision’s managing editor that Miami residents will soon be able to pay municipal fees in BTC.
“We just had an industry day for bitcoin exchanges, and we’re in the process of putting out an RFP (request for proposal) on that,” Suarez remarked during his interview. Burke was informed by Suarez that he is able to use his 401k for crypto investments because he earns income in the private sector. “I do have private-sector income,” Suarez concluded. “So, in fairness, my mayoral salary is not 100% of my income. So it’s a part of my income I can do this type of investment with.”
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