Miami Mayor Reveals Salary Increase Amidst Bear Market
In the past year, the price of BTC has seen extreme highs and lows, with the most recent bear market causing concern from many investors. However, Miami Mayor Francis Suarez is unfazed by the market’s volatility, revealing that he still accepts his paycheck in BTC amidst the prolonged crypto bear market.
In a recent interview on CNBC’s Squawk Box show, Suarez revealed that his salary has increased since making the shift, noting that the decision has been a good investment. According to Suarez, since he began receiving his salary in BTC, his income has risen, thanks to taking advantage of the coin’s price variation.
He added, “At times, people may misconstrue that I’m trading Bitcoin bi-weekly. However, I’m simply taking advantage of the price fluctuations. My salary has increased due to this decision, which is why this discussion about BTC may be challenging.”
Suarez also highlighted the necessity to be patient when dealing with Bitcoin and blockchain technology, as they are still in their early stages of development. At first, Suarez’s choice was seen as peculiar.
Still, it indicates the increasing acceptance of cryptocurrencies and their possible use as an investment. On-chain market data suggests that crypto adoption increased in 2022 despite the bear market.
This decision by Suarez to accept a part of his wages in Bitcoin is a notable example of how public officials and organizations are embracing cryptocurrencies. For example, Eric Adams, Mayor of New York City, has declared his backing of Bitcoin by agreeing to receive his initial three wages in the leading digital asset.
Adams further expressed his trust in the pioneering cryptocurrency with this gesture.
Miami’s Cryptocurrency Metropolis Advocacy
The mayor of Miami, Suarez, has been encouraging crypto-related businesses to come to the city to make Miami a hub for digital assets in the US. According to reports, Suarez has enticed Chinese Bitcoin miners to move their operations to the city after their trade prohibition in China.
The official said he would initiate dialogue with energy suppliers to reduce energy costs, as miners often prefer to work in areas with more affordable electricity. Suarez’s commitment to Bitcoin is paying off, with his salary increase in the face of the bear market.
At a time when many investors are choosing to sit on the sidelines, Suarez’s bold decision to receive his salary in Bitcoin is a testament to his bullish attitude towards the crypto world. As Bitcoin continues to rise, Suarez’s decision may prove to be one of the smartest investments of his career.
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