Miami Mayor Francis Suarez announced that his decision to take his full salary in Bitcoin has resulted in a 300% gain since he began receiving payments in late 2021. At that time, Bitcoin was trading around $30,000, and despite recent dips below $100,000, Suarez remains unfazed, emphasizing his focus on long-term fundamentals over daily price swings.
Suarez, the first major U.S. politician to adopt a cryptocurrency salary, highlighted that his paycheck once surged over 400% when Bitcoin peaked at $120,000. He expressed confidence in Bitcoin's limited supply and its role as a hedge against inflationary fiat currencies, where governments can "print more or change rules" without notice.
Under his leadership, Miami has emerged as a crypto-friendly hub, aiming to integrate Bitcoin into city operations like payroll and tax collection. Although the 2022 FTX bankruptcy tarnished the city's crypto reputation, Suarez noted Miami is making a comeback. The trend extends beyond politics, with NFL stars like Odell Beckham Jr., Russell Okung, and Saquon Barkley also converting salaries to Bitcoin, seeing substantial returns.
This optimism aligns with broader pro-crypto movements, including a speech by former President Donald J. Trump at the America Business Forum in Miami, where he urged the U.S. to embrace cryptocurrency and end federal hostility, stating, "Crypto was under siege. It’s not under siege anymore."
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