TL; DR Breakdown
- Mayor Suarez will receive a portion of his retirement savings in Bitcoin
- The mayor says the decision was a personal choice
- Suarez says the state is working on a Bitcoin wallet for residents
In the last few years, many people have been opening their eyes to the potential to make enormous profits in the crypto sector. Some of this happened due to the massive bull run that occurred in the crypto market late last year into this year. During the course of the year, there has been a lot going on regarding Bitcoin and crypto in Miami. Some months back, Mayor Suarez of Miami announced that he would start taking a part of his salary in Bitcoin. In another push for Bitcoin, Mayor Suarez has announced that he will take part of his retirement savings in the leading digital asset.
Mayor Suarez says the decision was his choice
Notably, Mayor Suarez took the lead among politicians across the United States to take their pay in the leading digital asset. Speaking at an interview recently, the mayor says the move to take a small portion of his retirement savings in the leading digital asset was triggered by a personal conviction. Giving insight into why he chose Bitcoin over other assets, Suarez says he feels the digital asset is a better choice to invest in across the market.
He pointed out that he believes in the potential of the digital asset and has predicted its growth in the next couple of years. According to Suarez, Bitcoin has enjoyed massive success in the market due to the way its system was developed.
Suarez says Miami is working on a Bitcoin wallet
Mayor Suarez also told reporters that his first few portions of salaries in Bitcoin had been paid through a platform called Strike. The mayor also said that the city is making everything easy for residents and, as such, has told them they can pay their fees in the leading digital asset if they wish. Even though there is no system to pay pensioners in Bitcoin presently, Suarez hopes to create it in the coming years.
Pushing the gospel of the leading digital asset, mayor Suarez recently confirmed that residents in the country would earn a small portion of Bitcoin from the yield gotten from their staked coin. Although the state has not been able to decipher which citizens would be open to receiving the free Bitcoin, it is currently in the works to determine them. Suarez also noted that the state would be in charge of creating a digital wallet for everyone in the state, where they will send all the free Bitcoin to each person through the stake rewards.