Miami Mayor Francis Suarez, who began accepting his salary in Bitcoin in late 2021, has expressed a lack of concern regarding recent cryptocurrency market volatility. He stated that his Bitcoin paychecks have yielded a return of approximately 300%.
During an interview with Fox Business on Wednesday, the mayor was questioned about his stance on Bitcoin (BTC) following its recent dip below $100,000, a trend mirrored across much of the cryptocurrency market over the past week.
"No, because I got paid at $30,000, so it’s up 300%. It was actually up to 400% when it was up to $120,000, so I’m not concerned about everyday market swings from one day to the other," Suarez explained. He elaborated on his broader perspective: "I’m more concerned with the macro impact of having a store of value that people have faith in, that has a money creation system known through the code."
Mayor Suarez indicated that his focus is more on the ongoing evolution of decentralized finance, cryptocurrency, and artificial intelligence, rather than closely monitoring daily price fluctuations.
Suarez's Bitcoin Salary Initiative
Suarez's decision to accept a portion of his salary in Bitcoin in 2021 was considered a significant move for a politician, particularly given the uncertain regulatory environment surrounding cryptocurrencies in the United States at that time.
He initially announced his intention to receive his first paycheck entirely in BTC in early November 2021, aiming to be the first lawmaker at the state or federal level to do so. At the time, he stated, "I’m going to take my next paycheck 100% in bitcoin…problem solved!"
There appears to be a discrepancy in the reported figures. While Mayor Suarez claims he was paid when Bitcoin was at $30,000, BTC was trading at approximately $64,000 around November 2021 when he made the announcement.
However, Suarez has stated that he held Bitcoin and Ether (ETH) prior to receiving his crypto paychecks. He had also publicly supported the cryptocurrency market as early as December 2020.