Francis Suarez, the mayor of Miami, has shared that his decision to receive his paycheck in Bitcoin
Suarez claimed his Bitcoin earnings have increased by roughly 300% since he first started taking pay in the cryptocurrency.
During a recent interview on Fox Business, Suarez was asked whether he was worried about Bitcoin’s price drop, especially after the digital currency fell below $100,000, along with declines across the crypto market.
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He responded that short-term price changes do not bother him. According to Suarez, his Bitcoin payments began when it was worth about $30,000. He said:
It’s gone up 300%. At one point it had increased 400% when it reached $120,000. Daily price movements don’t concern me.
Suarez said he is more interested in Bitcoin’s long-term value and its potential role in the economy. He pointed to its code-based system of money creation and said that public confidence in such systems matters more to him than price charts.
Suarez also explained that he pays closer attention to broader trends, such as the growth of decentralized finance (DeFi) and advancements in technology, such as artificial intelligence (AI).
In November 2021, the mayor announced plans to take his paycheck entirely in Bitcoin. At that time, he said, “I’m going to take my next paycheck 100% in bitcoin. Problem solved!”
Recently, Jordi Visser, a financial markets analyst, stated that Bitcoin appears to be in a transition phase that resembles what happens when a company goes public. Why? Read the full story.
