Miami Mayor Francis Suarez said he is still taking his city salary in Bitcoin even after a defeat that plunged the cryptocurrency by nearly 40% in the past two months.
“I’ll note for the record that it’s not my only salary,” he told a panel at the World Economic Forum in Davos, Switzerland, on Tuesday. “It is a different decision than if a person decided to take his salary in Bitcoin if it were the only source of income for him.”
The Republican mayor, who is trying to promote Miami as a cryptocurrency and tech hub, said he is more focused on the utility of the coin and that the collapse of the TerraUSD stablecoin changes his vision of advancing the crypto industry in the city hadn’t changed.
He first announced his plan to take his salary in Bitcoin last year and warned that people should be aware of the high risk and volatility associated with digital assets, in addition to the possibility of high rewards.
Key speakers at the Bitcoin 2021 event:
Francis Suarez, Mayor of Miami, speaks at the Bitcoin 2021 conference in Miami, Florida, US, on Friday, June 4, 2021. The largest Bitcoin event in the world brings a sold-out crowd of 12,000 attendees and thousands more to Miami for a two-day convention .
Suarez, a 44-year-old lawyer, emphasized the difference between protecting people from fraud and protecting people from losses. He pointed to the “huge volatility” that exists in technology stocks as well.
“Government has tended over time to protect people from losses, and you cannot protect people from losses,” he said. “That’s the American system. That’s what makes investing. That’s also the risk component to winning.”
— Mayor Francis Suarez (@FrancisSuarez) May 23, 2022
Suarez, who also chairs the US Conference of Mayors, said in a separate interview that it was flattering that his name was mentioned as a possible US presidential candidate in an editorial published this week by Washington Post commentator George Will.
He noted that the US has never seen a president rise from a mayoralty.
“We’ve also never had a Spanish president, and I think the country would like to see one at some point,” said Suarez, the son of Cuban immigrants.
“When you see a generational transition from the baby boom generation to my generation, you also wonder which party is going to do a really good job of connecting with that generation.”
While Florida Governor Ron DeSantis, a fellow Republican, is often cited as a possible presidential candidate and has raised his profile by addressing “cultural war” issues popular with his grassroots, Suarez has bridged the partisan divide. about many hot-button issues in recent times. weeks, said he believed in nurturing Miami’s LGBTQ community and called for increased efforts to fight global climate change.
(Except for the headline, this story has not been edited by DailyExpertNews staff and has been published from a syndicated feed.)