Francis Suarez, the crypto-friendly mayor of this town of Miami, could have destroyed his standing as a cryptocurrency proponent.
Appearing on the CNBC Squawk Box program, Suarez demonstrated that he possesses both BTC (BTC) and Ether (ETH).
“I own #bitcoin and I own #ethereum,” says @FrancisSuarez. “I haven’t bought the dip yet but I’m planning to. I’ve just been too busy.” pic.twitter.com/xdKpghIRR5
Based on Suarez, he bought BTC and ETH promptly following the United States Senate passed the $1.9-trillion stimulation bill for additional COVID-19 relief back in early March.
For Suarez, the passage of this bill made inflation an inevitability, stating,”I knew at that point that inflation was unavoidable and that there was some kind of a scam”
Massive government spending to spur economic recovery continues to stoke inflation and monetary debasement anxieties further lending credence to BTC’s viability as a hedge asset.
In the time of stimulation bill passage, BTC rocketed past $54,000 on the road to reaching its current all-time large above $64,000. BTC in addition to the crypto market did experience significant losses in May, with token prices falling nearly 50 percent across the board.
Suarez said he was unable to take advantage of this current dip, including:
“I haven’t bought the dip yet but I’m planning to. I’ve just been too busy; I’ve been working too much.”
Miami is also quickly becoming a significant crypto hub in the United States, with venture capital company Borderless Capital announcing a $25-million finance for startups based in the city.
From clubs to tax payments, crypto adoption seems to be growing at a significant rate across the town, with the mayor even calling for progressive cryptocurrency legislation back in February.
Miami’s footprint at the cryptocurrency landscape looks set for another boost as the city plays host to the BTC 2021 conference. Congresspeople, CEOs, celebrities and cryptographers are among the over 50,000 crypto faithful expected to grace the function.