Miami mayor Francis Suarez holds Bitcoin and Ethereum, and he’s ‘planning to’ buy the dip

 Miami mayor Francis Suarez holds Bitcoin and Ethereum, and he’s ‘planning to’ buy the dip


Miami mayor Francis Suarez holds Bitcoin and Ethereum, he revealed throughout an interview with enterprise outlet CNBC in the present day.

“I personal Bitcoin and I personal Ethereum,” Suarez mentioned. He added, “I haven’t purchased the dip but however I’m planning to. I’ve simply been too busy.”

The mayor, within the interview, revealed he had bought Bitcoin within the “excessive 30s” and Ethereum when it hovered round $1,500. This implies each his investments are in revenue (and have been over 100% and 300% in revenue respectively at their peak).

Suarez mentioned he purchased each the cryptocurrencies when the US Senate handed the $1.9-trillion stimulus invoice in March. “I knew at that time that inflation was inevitable and that there needed to be some type of a hedge,” he mentioned on this regard.

Inflation resulting in crypto

The sentiment is much like these shared by institutional merchants and expertise entrepreneurs alike. 

Over the previous yr, corporations like MicroStrategy and Tesla have picked up billions of {dollars} price of Bitcoin from their treasury funds, citing large cash printing and fears of overinflation as main causes.

Others like Stanley Druckenmiller have jumped on the Bitcoin prepare lately, citing comparable arguments.

“Once we did the CARES act, Chairman Powell began crossing all types of purple traces by way of what the Fed[eral Reserve] would do and wouldn’t do,” mentioned Druckenmiller in a latest interview.

He added, “The issue was Jay Powell and the world’s central bankers going nuts and making fiat cash much more questionable than it already has been after I used to personal gold.”

In the meantime, Suarez is without doubt one of the few political figures to show a pleasant hand in the direction of cryptocurrencies and plan future developments for the rising market. Final yr—he even embraced the ‘laser eyes’ meme—Suarez mentioned he was exploring the opportunity of folks in Miami paying there in crypto.

He even thought of shopping for Bitcoin for town treasury again in December, receiving largely favorable feedback for his assertion on the time.

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