Miami Mayor Francis Suarez stated that he is not concerned about the recent fluctuations in the cryptocurrency market, as he has been receiving part of his salary in Bitcoin at a price of $30,000. According to him, this has allowed him to secure about a 300% increase in his portfolio, even amidst the current volatility of digital assets.
This is reported by Finway
Suarez’s Position on the Cryptocurrency Market
During an appearance on Fox Business at the America Business Forum, Suarez commented on the situation in the cryptocurrency market. He said that he is not worried about short-term declines in the value of Bitcoin, as he received payments when the price of the digital coin was at $30,000. The politician noted that when Bitcoin rose above $120,000, his profit reached 400%.
“No, since I received payment [in Bitcoin] at $30,000. So it is still a 300% increase. When it [the price] was above $120,000, the gain was 400%.”
Suarez emphasized that he views Bitcoin as a macroeconomic hedge asset and trusts its functions embedded in the code. He mentioned that he is interested not only in the current price of the cryptocurrency but also in the global prospects of the digital revolution, the development of decentralized systems, cryptocurrencies, and artificial intelligence.
Details on Salary Payments and Position on Digital Assets
It is worth noting that back in November 2021, Suarez announced his intention to receive at least part of his mayoral salary in Bitcoin. This information was confirmed in November 2022; however, there are currently no official data on whether this practice is still ongoing. According to the Miami Herald, Suarez’s annual salary is $97,000, and his total assets are estimated at $4.45 million.
Judging by his statements, the average purchase price of Bitcoin in the politician’s portfolio is $30,000, although this has not been officially confirmed. It is important to note that in November 2021, when Suarez announced the payments, the price of Bitcoin fluctuated between $50,000 and $65,000, while it dropped to $30,000 only in 2022 during the so-called crypto winter.
In addition to Suarez, former New York Mayor Eric Adams also received his salary in Bitcoin, who recently handed over his position to socialist Zohran Mamdani. Francis Suarez criticized Adams’ political course, stating that his approach contradicts fundamental American values, including capitalism, freedom, and opportunities for personal development.
In conclusion, the mayor of Miami emphasized that he is more interested in the long-term trends of the digital revolution rather than daily concerns about the price of Bitcoin.