Miami Mayor Suarez Unfazed by Bitcoin Volatility Amid Market Fluctuations

According to Cointelegraph, Miami Mayor Francis Suarez remains confident in his decision to receive part of his salary in Bitcoin, despite recent fluctuations in the cryptocurrency market. Speaking to Fox Business, Suarez expressed no concern over Bitcoin's recent dip below $100,000, noting that his Bitcoin earnings have increased by approximately 300% since he began receiving them when Bitcoin was valued at $30,000. He highlighted that his earnings had surged to 400% when Bitcoin reached $120,000, emphasizing his focus on the broader implications of cryptocurrency as a store of value rather than daily market changes. Mayor Suarez, known for his crypto-friendly stance, has been more interested in the development of decentralized finance, cryptocurrency, and artificial intelligence than in the short-term price movements of Bitcoin. His decision to accept Bitcoin as part of his salary in late 2021 was considered a bold move, especially given the uncertain regulatory environment surrounding cryptocurrencies in the United States at the time. Suarez announced his intention to receive his first paycheck in Bitcoin in November 2021, aiming to be the first state or federal lawmaker to do so. Despite some discrepancies in the timeline of Bitcoin's value, Suarez has been a vocal supporter of the cryptocurrency market since December 2020, having owned Bitcoin and Ether prior to receiving his crypto paychecks.