Mayor of Miami is ready to invest personal money in cryptocurrencies

Miami Mayor Francis Suarez gave an exclusive interview to the Decrypt news outlet. In it, he admitted that he plans to purchase cryptocurrencies as a personal investment. He views Bitcoin, Ethereum, and even Dogecoin as potential investments.

We will remind, earlier Suarez promised to consider the possibility of investing part of the city budget in the crypt and in general actively supported the popularization of blockchain assets.

Recall that Francis Suarez is one of the most visible adherents of cryptocurrencies from the current cycle. He spoke more than once about his sympathy for blockchain assets and even promised to invest part of the city’s reserves in Bitcoin. As he said in the first half of February, he wants to do this as quickly as possible.

Suarez sounded the comments immediately after Tesla representatives talked about investing $ 1.5 billion in BTC. According to Francis, this will greatly help and contribute to the popularization of blockchain-based assets around the world.

The funny thing is that at the time of Suarez’s statement about his desire to transfer part of the city’s budget to BTC as soon as possible, the cryptocurrency was estimated at approximately 45 thousand dollars. Now it has confidently surpassed the level of 55 thousand and entrenched itself there.

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Bitcoin Chart in 2021

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Here is one of Suarez’s quotes on this subject, in which he shares his own thoughts.

I can invest in Bitcoin, Ethereum, Dogecoin. I haven’t fully explored everything I’m going to do yet, but these are the three digital assets that I am currently counting on.

Recall that Dogecoin is the least serious cryptocurrency project among these. It was created specifically as a joke, and the developers are not working on improving the coin, and some even abandoned it. At the same time, the cryptocurrency is regularly promoted by Elon Musk, who shares comic mentions of Doge on Twitter. In particular, he predicts a major role for her in the process of changing the world financial system. Naturally, it would be too naive to expect such a thing.

The mayor is not going to postpone investments indefinitely – he wants to buy a crypt in the coming days. The official continues.

We’re going to do it this week, I want to do it sooner rather than later because the price keeps going up. The faster the better.

Indeed: one reason for a quick investment is the rapid growth of Bitcoin above the $ 50 thousand mark and above. Recall that the cryptocurrency recently overcame a psychologically important level and even confidently jumped above the 56 thousand line.

Suarez continues.

We’re going to do something cool, maybe to commemorate crossing the $ 50K threshold. I will do it publicly because I think it will be fun and cool.

The mayor intends to open two accounts on the cryptocurrency exchanges Coinbase and Gemini. He said the decision was based in part on his close relationship with Coinbase CEO Brian Armstrong and Gemini co-founders Cameron and Tyler Winklevoss.

I’m friends with Brian, I’m friends with Tyler and Cameron, and I want to make sure they know that I support their platforms. I want to give some publicity to their platforms.

I wonder if Suarez plans to use Bitcoin for «fast speculation»? After all, this is precisely what US Treasury Secretary Janet Yellen sees as the main purpose of cryptocurrency. She stated this in her recent interview with CNBC. Here is a quote from her.

It is important to make sure that Bitcoin is not being used as a vehicle for illegal transactions and that there is at least some protection for investors.

This is an old argument that has been used by cryptocurrency critics for years. At the same time, each of them forgets that it is cash – primarily the dollar – that is the most popular means of paying for questionable activity and goods. After all, unlike coins based on a transparent blockchain, it does not leave any traces.

The US Treasury Secretary has been a vocal critic of Bitcoin in the past, and during a Senate confirmation hearing in January, she stated that cryptocurrencies are of «particular concern» when it comes to promoting crime and sponsoring terrorism. However, Yellen later recognized their «potential» for improving the financial system.

We believe that Francis Suarez is one of the few politicians who are able to assess the prospects of new technologies, regardless of the foundations of the financial system. It remains to be hoped that he will be able to carry out his plan and transfer part of the fiat currency into a crypt. This initiative can be an excellent example for other cities and politicians.

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