Miami’s mayor, Francis Suarez, has been one of the great Bitcoin advocates in the crypto arena. The mayor attained a landslide victory for his second term as Miami’s mayor. He has stated that he will be the only US politician to receive his salary in Bitcoin.
In a tweet, the Miami mayor stated that
“I’m going to take my next paycheck 100% in Bitcoin… problem solved.”
The mayor’s salary comes in at around $187,500, which will make this one of the largest paychecks that have been paid in Bitcoin. Suarez as a major crypto supporter
Suarez has for the longest time been a Bitcoin supporter. The mayor ran for reelection, and most of his campaign phase was marked with pro-bitcoin actions. In a recent tweet, the mayor hinted that he would be using Strike’s payments platform to receive his salary in Bitcoin.
The mayor’s innovation deputy, Mike Sarasti, responded to the mayor’s tweet stating that he had sent him a sign-up link to a Strike account. Sarasti stated that he had recently cashed out a part of his paycheck using Bitcoin.
This is not the first time that Suarez has shown support for Bitcoin or the entire cryptocurrency sector. In August, the mayor led the city in launching the MiamiCoin crypto. The coin has been one of the greatest advancements in the US crypto space because it sheds light on Miami’s friendly crypto laws.
The MiamiCoin has enjoyed immense profits that the mayor says would boost the city’s fund. The MiamiCoin is the first city-based token, and it could be a pacesetter for other cities or states that are also pro-bitcoin.
Last month, Suarez said that if MiamiCoin could achieve more profits and growth, it could one day be a major financial support for the city. He noted that with this crypto, Miami residents could in the future not be required to pay taxes to support the city. 30% of the rewards attained from the coin are sent into the city’s funds.
The mayor had earlier stated that the city was working on paying its employees in Bitcoin. Therefore, the recent announcement that Suarez would receive the next paycheck in Bitcoin could be setting the pace for the other city employees to receive their salaries in the primary cryptocurrency.
US politicians and crypto
The US has been conflicted in terms of crypto acceptance. While there are pro-crypto politicians, there are those that have vehemently opposed the crypto sector. Besides Suarez, the other pro-bitcoin politicians in the US include Senator Cynthia Lummis, who stated that she owned over $50,000 worth of Bitcoin in August.
However, some politicians and legislatures believe that the cryptocurrency sector needs firm regulations to protect it from being used for illicit activities. This is among the reasons the US Treasury addressed the financial stability risks that come from stablecoins such as Tether (USDT).
On the other hand, US regulators seem to be warming up to crypto. In October, the US Securities and Exchange Commission (SEC) approved a futures-based ETF that saw overwhelming demand in the first few days of trading.
The US population is also becoming more crypto savvy. Recent trend analysis from Apple showed that Coinbase was the most downloaded app in the US, toppling Instagram and Tiktok. This showed that crypto interest in the US was high.