Miami Mayor Francis Suarez, who began receiving his salary in Bitcoin at the end of 2021, said his BTC salary has increased by approximately 300%.
Moreover, he is not at all concerned about the volatility of the main cryptocurrency’s rate and its short-term fall below the $100,000 mark.
In fact, when the price reached $120,000, it rose 400%, so I’m not concerned about the daily market fluctuations. I’m more concerned with the macroeconomic impact of having a store of value that people believe in, with a system for creating money through code.
He thus emphasized that he is more concerned with the development of decentralized finance, cryptocurrencies, and artificial intelligence than with tracking daily price fluctuations.
Miami Mayor Francis Suarez on Fox Business
Suarez’s decision to receive part of his salary in BTC in 2021 was seen as a bold move by the politician, especially given the uncertainty surrounding cryptocurrency regulation in the US at the time.
The Miami mayor got the payment method right, but most likely got the numbers mixed up: he believed his salary was paid when the Bitcoin exchange rate was $30,000, but by November 2021, the price of BTC was already $64,000.
True, Suarez owned BTC and Ethereum even before receiving his salary in cryptocurrency, and publicly supported the crypto market as early as December 2020.