Miami mayor sticks with Bitcoin salary after market drop

Against Bitcoin’s nearly 40% drop over the past two months, Miami Mayor Francis Suárez continues to receive a salary in the leading cryptocurrency, Bloomberg reports.

Speaking at the World Economic Forum in Davos, the politician clarified:

“Note for the record, this is not my sole salary. It is somewhat different from taking cryptocurrency payments as one’s only income.”

He noted that he remained focused on the practical value of digital gold, therefore collapse of the TerraUSD stablecoin did not alter his plans to develop the city’s crypto industry.

Last year, announcing his intention to be paid in Bitcoin, Suárez warned that consumers should be aware of the high risks and volatility associated with digital assets in addition to the potential for profit.

In his view, there is a substantial difference between protecting people from fraud and from losses. He also noted that “huge volatility” exists, for example, in the stock market of technology companies.

“Over time, the government has tended to try to protect people from losses, but that is impossible. It is an American system that creates investing—a risk component for gains,” Suárez said.

In November 2021, New York’s newly elected mayor, Eric Adams, backed the initiative of his colleagues, saying he intended to receive his first three salaries in Bitcoin.