Miami mayor Francis Suarez is unfazed by the decline in the crypto market and the de-pegging of the stablecoin UST. He remains steadfast in receiving his salary in Bitcoin. Suarez told the attendees of a panel at the World Economic Forum that he was still receiving his paycheck in the popular crypto. He had announced in 2021 that he will take his salary as a Mayor in Bitcoin. The politician had also been keen to pay government employees in the digital asset as an effort to boost crypto adoption in Miami.
But Bitcoin hasn’t seen highs in the month of May. In fact, BTC is down by over 30% in the last two months. At the time of writing this article, Bitcoin was trading at $29,150. The Miami mayor says he is unperturbed by the mayhem in crypto streets and will continue to receive his salary in Bitcoin. However, reports reveal that Suarez has other sources of income that serve as a buffer during volatile conditions. He admitted that Bitcoin was not his only salary.
Suarez pointed out that it’s a different decision if a person declined to take his or her salary in Bitcoin if it was the only source of income for them. The mayor wants to make Miami a leading crypto hub. As such, the city has been receptive to crypto miners. There have also been talks to allow citizens to pay their bills and taxes with crypto. Suarez had told Bloomberg in an interview that he wants to differentiate Miami as the crypto capital of the US or the world. He has even launched the MiamiCoin which pulled in over $5.2 million for the city.