Miami Mayor Francis Suarez said he's still taking his city salary inBitcoin, even after a rout that sent the coin down almost 40% over the past two months.
He said on Tuesday that it is not my only salary and that is not my only salary. It's a different decision than if a person decided to take their salary inBitcoin if it was the only source of income for them. The Republican mayor, who is trying to promote Miami as a tech center, said he's more focused on the utility of the coin and that the collapse of the TerraUSD stable coin hasn't changed his vision for fostering the industry in the city.
He first announced his plan to take his paycheck inBitcoin last year, but warned that people had to be aware of the high risk and volatility associated with digital assets, in addition to the possibility of high rewards.
Francis Suarez, mayor of Miami, speaks during the conference Bitcoins 2021 in Miami, Florida, USA on Friday, June 4, 2021. The biggest Bitcoin event in the world brings a sold-out crowd of 12,000 attendees and thousands more to Miami for a two-day conference.
Suarez, a 44-year-old lawyer, stressed the difference between protecting people from fraud and protecting people from losses. He pointed out the tremendous volatility that exists in tech stocks as well.
He said that government has had a tendency to try to protect people against losses and that you can't protect people against losses. That's the risk component to winning as well. Suarez, who is also the head of the United States Conference of Mayors, said in a separate interview that it was flattering to have his name raised as a possible US presidential candidate in an editorial published this week by Washington Post commentator George Will.
He noted that the US had never seen a president ascend from a mayoralty.
"We've never had a Hispanic president, and I think that's something that the country would love to see at some point," said Suarez, son of Cuban immigrants.
As you see a generational change from the baby boomer generation to my generation, you wonder what party is going to do a good job of connecting with that generation. While Florida Governor Ron DeSantis, a Republican, has been mentioned as a possible presidential candidate and has raised his profile by taking on cultural war issues popular with his base, Suarez believes in nurturing the LGBTQ community in Miami and calling for increased efforts to fight global climate change.