Crypto-supporting Miami mayor ends bid for the presidency

The mayor of Miami (Florida, USA) and cryptocurrency advocate Francis Suarez has ended his presidential campaign. The reasons for the decision have not been disclosed.

“Running for the office of the U.S. president was one of the greatest honours of my life. This country has given so much to me and my family. The prospect of paying back the country through the highest level of public service is a motivator or even a calling,” he wrote.

Suarez noted that the next president should play a key role in restoring American cities to a path of safety, prosperity and improved quality of life for all.

“The current administration is letting our country down. Inflation remains high, the elevated key rate punishes young Americans, the southern border is wide open, crime is rising, and our enemies are growing bolder and stronger. We deserve better,” said the mayor of Miami.

In November 2021, Suarez spoke of plans to become the first politician in the United States to convert his salary to Bitcoin. In December 2022, he said that he still receives payments in the leading cryptocurrency, despite the bear market.

In June 2023, Suarez announced his candidacy for the Republican nomination for the U.S. presidency, scheduled for November 5, 2024. In August, the politician said that his campaign accepts donations in the leading cryptocurrency.

The best-known Bitcoin advocate in the current presidential race is Robert Francis Kennedy Jr. Previously he called Bitcoin an alternative to the traditional financial system and criticized American regulators for the “war on cryptocurrencies,” which led to a banking crisis in the country.

If elected, the politician promised to make decisions that “will support Bitcoin and the freedom to transact, allowing people to control their wallets, nodes and passwords”.

In June, Coinbase CEO Brian Armstrong called the forthcoming elections in the United States a pivotal moment for regulating digital assets.

According to a Grayscale report, the promotion of cryptocurrencies as presidential candidates in the United States is driven by a forecast that members of Generation Z and millennials will form a significant portion of voters — around 44%. Young people trust traditional institutions less and are more inclined toward new technologies.