Miami Mayor Francis Suarez, known for his early adoption of Bitcoin as a method for receiving his salary, has stated he is up approximately 300% on his Bitcoin paychecks.
Suarez began taking part of his salary in Bitcoin in late 2021, a move that drew significant attention at the time due to the uncertain regulatory environment in the United States.
Suarez stays confident amid volatility
Speaking on Fox Business, Suarez was asked if he was concerned about Bitcoin’s recent dip below $100,000 and broader market declines. The mayor responded:
“No, because I got paid at $30,000, so it’s up 300%, it was actually up to 400% when it was up to $120,000, so I’m not concerned about everyday market swings from one day to the other.”
He added that his primary focus is on the macro impact of Bitcoin as a store of value, citing the transparency of its money creation system.
embracing bitcoin and decentralized finance
Suarez highlighted his interest in the evolution of decentralized finance and artificial intelligence over tracking daily price changes.
He emphasized his belief in Bitcoin’s long-term potential and the importance of a monetary system defined by code rather than policy discretion.
a pioneering move among politicians
Suarez announced in November 2021 that he would take his next paycheck 100% in Bitcoin, aiming to be the first U.S. lawmaker at the state or federal level to do so.
While he claimed to have received Bitcoin at $30,000, historical data shows Bitcoin traded around $64,000 at that time.
Regardless, Suarez had publicly supported Bitcoin as early as December 2020 and was already an owner before receiving his salary in BTC.
