Miami mayor says salary increased since he began earning Bitcoin despite bear market

Miami Mayor Francis Suarez has revealed that he still receives his salary in Bitcoin (BTC), despite the extended bear market, noting that the decision has been ‘a good investment.’

According to Suarez, his salary has increased since making the shift while stating the rise has emerged from taking advantage of price fluctuations, considering he earns after every two weeks, he said during an interview on CNBC’s Squawk Box show on January 19. 

“Sometimes people misunderstand that you’re buying it every two weeks, you’re buying it in the fluctuations. Since I bought it or since I started taking my salary in Bitcoin, my salary is up; it’s been a good investment. I think that’s part of the problem with this conversation about Bitcoin,” Suarez said.

However, he clarified that the salary increment is not a result of trading. Suarez also pointed out there is a need for patience when dealing with Bitcoin and blockchain technology due to the early stages of development.

Growing confidence in Bitcoin 

Although Suarez’s decision was initially viewed as unusual, it is a testament to the growing acceptance of cryptocurrencies and their potential as an investment. In this line, a Finbold report indicated that crypto adoption accelerated in 2022 despite the prevailing bear market.

Suarez’s decision to receive a portion of his salary in Bitcoin is a notable move, as it highlights public officials’ and institutions’ growing acceptance of cryptocurrencies. 

For instance, New York City’s mayor Eric Adams also announced that he would receive his first three paychecks in Bitcoin as a vote of confidence in the maiden cryptocurrency.

Miami’s crypto city initiative 

It is worth noting that the mayor of Miami has been advocating for crypto businesses to set up bases in the city, aiming to make it a digital asset capital of the United States. 

As reported by Finbold, Suarez was at some point influential in attempting to lure Chinese Bitcoin miners into setting up shop in the city after the activity was banned in the Asian country.

The official indicated he would spur conversations with power distributors to lower energy prices, considering miners prefer operating in regions with cheaper electricity.

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