The mayor of Miami confesses that, for his estate, he bought Bitcoin when the US Congress approved the stimulus bill of USD 1.9 trillion.

Miami Mayor Francis Suárez has commented several times during the year that he intends to introduce the crypto ecosystem to the city, and make Miami the most crypto-friendly of cities. He said that he has purchased Bitcoin and Ether for his wealth but has been too busy to buy in the recent crash.

The mayor of Miami reported that he acquired Bitcoin when the US Congress passed a $ 1.9 trillion population stimulus bill in March to combat the Covid-19 pandemic. On the CNBC Squawk Box show, Suárez also revealed that he not only owns Bitcoin (BTC), he also purchased Ether (ETH).

For Suárez, the approval of the bill would generate inflation. On this matter, he stated that inflation was inevitable and that there had to be some type of coverage.

It is also relevant to consider that, at the time of the approval of the stimulus law, Bitcoin soared beyond USD 54,000 on the way to reach its current all-time high above USD 64,000. Along with BTC, the other cryptocurrencies also increased, but then they all fell between 40% and 50% in May. But Suarez said he could not take advantage of the current drop, stating that he did not buy down, but he currently wants to.

Elon Musk is a Volatility Trigger

Francis Suárez also highlighted the influence that Elon Musk, CEO of Tesla, has on the volatility of prices in the crypto world. He talked about the volatility of Bitcoin this year, which fell from the all-time high of over $ 64,000 to half. He mentioned that Elon Musk was one of the triggers that caused this volatility.

He said that this situation is something that has to fix itself, and with enough transaction volume things will find more stability. The mayor also clarified that he is a great admirer of Elon Musk; However, in no other market except BTC, an influencer can boost the price of the asset by as much as 10 or 20 percent with just a single tweet.

Suárez also admitted that Bitcoin is a “young and easy to manipulate” asset. He again referred to Elon Musk’s tweets and even his video in a tweet about Bitcoin, which had more than seven million views in one day.

However, the mayor believes that a large number of people are becoming more interested in cryptocurrencies. He cited a recent media report that claimed that more than 150 million people own cryptocurrencies in the US.

Miami and the CryptoWorld

Miami is also fast becoming a major crypto hub in the United States of America. Or at least, it is the intention of the mayor who has proposed, among other things, that Miami as a city, invest in crypto and bring public employees the possibility to receive salaries based on Bitcoin.  

The Major’s interest has been for this city in the southeastern US to become a kind of “Crypto Valley”, which is why he has invited mining companies to move there.

By: Jenson Nuñez


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