Bitcoin Bet Brings 300% Profit to Miami Mayor
Miami Mayor and long-time cryptocurrency supporter Francis Suarez has once again reignited the debate around Bitcoin. In an interview with Fox Business, he revealed that despite recent market volatility, his “Bitcoin salary” is currently up by around 300%.
Suarez began taking part of his salary in bitcoin in late 2021, becoming the first U.S. politician to do so. At the time, bitcoin was trading at around $64,000.
“I have no reason to be nervous because I received my pay when Bitcoin was at $30,000, so I’m roughly 300% up. When Bitcoin hit $120,000, I was even 400% up,” Suarez said. “I don’t care about daily swings. I’m more interested in the macroeconomic impact of having a store of value that people believe in – one that has a predictable monetary system set by code.”
A bold political move
The decision to take his salary in bitcoin was bold, especially in 2021, when crypto regulation in the U.S. was still unclear. Suarez aimed to position Miami as a progressive tech hub and attract crypto investors to the city. “I’m taking my next paycheck 100% in Bitcoin… problem solved!” he wrote on X (formerly Twitter).
However, there’s a slight inconsistency in his calculation. While Suarez claims his first payment came when Bitcoin was around $30,000, in November 2021, Bitcoin traded closer to $64,000. The exact timing of the conversion remains unclear.
Crypto, DeFi, and AI
Francis Suarez has long been known as a crypto optimist. As early as December 2020, he publicly supported Bitcoin and Ethereum, investing his own funds. Today, he says he’s less focused on daily price movements and more interested in the growth of decentralized finance (DeFi) and the intersection of crypto and artificial intelligence (AI).
“I’m mostly interested in how technology evolves and how it can impact cities, economies, and governance,” he said.
Miami as a crypto hub
Under Suarez’s leadership, Miami has become one of the U.S. centers of crypto activity – hosting Bitcoin Miami conferences and even experimenting with its own token, MiamiCoin.
Although the MiamiCoin project eventually failed, Suarez remains a steadfast supporter of digital assets and continues to receive his “Bitcoin paycheck.”
Sources:
https://www.youtube.com/watch?v=F1A4Z7cWSZA
