The mayor of Miami and an outspoken bitcoin bull – Francis Suarez – revealed he still takes his salary in the primary digital asset. However, he explained this is not his only paycheck as others might be paid in fiat currency.
Salary in BTC despite the market crash
The cryptocurrency market has significantly tumbled in the past few weeks. Bitcoin, for one, currently struggles to maintain $30,000 and sits far away from its all-time high last year.
Nonetheless, the negative trend has not changed Miami’s mayor’s stance on the asset. During a panel at the World Economic Forum in Switzerland, he asserted that he still takes his salary in BTC. On the other hand, the Republican clarified he receives only one of his paychecks this way:
“I will note, for the record, that it’s not my only salary. It’s a different decision than if a person was deciding to take their salary in Bitcoin if it was the only source of income for them.”
Suarez touched upon the Terra fiasco, noting that the price collapse of LUNA/UST has not reflected on his BTC vision. In his view, investing in crypto or investing in tech stocks could be dangerous due to the enhanced volatility of the assets, but one can not profit without taking risks:
“Government has had tendency overtime to try and protect people against losses, and you can’t protect people against losses. That’s the American system. That’s what makes investing. That’s the risk component to winning as well.”
How BTC looks in Suarez’s eyes
Miami’s mayor is among the strongest proponents of the asset class. Last summer, he disclosed purchasing both BTC and ETH.
A few months later, he became the first American politician to receive his salary in bitcoin. His current annual income as a political leader in Miami is between $150,000 and $200,000, or between 5 BTC and 6.7 BTC.
At the end of 2021, Suarez argued that the digital asset’s biggest advantage is its ability to create a system of exchange where people are not subjected to the “wild inflation and wild devaluation through oftentimes corrupt actors.” According to him, it could “eradicate” communism and democratize people’s choices.
Last month, the mayor said he wishes to see bitcoin integrated into each level of US society:
“We need to make sure we can go into a convenience store and buy a Snickers with a Satoshi.”