Miami Mayor reveals he holds BTC and ETH, but did he buy the dip?

Miami Mayor reveals he holds BTC and ETH, but did he buy the dip?

By AmitS | block the chain | 4 Jun 2021

Francis Suarez, the Mayor of Miami city revealed he holds Bitcoin and Ether on his portfolio during his recent appearance on Squawk Box, CNBC. Suarez is a known Bitcoin advocate and is working to bring positive Bitcoin and crypto regulation to Miami. Some of the most promising proposals include making Miami the Bitcoin clean mining hub amid growing FUD around the Bitcoin network’s impact on the environment.

Earlier, the Mayor had also advocated for paying salaries of state employees in Bitcoin and also allowing citizens to pay taxes in crypto.

When asked whether he bought the recent bitcoin dip, Suarez said he has been quite busy so couldn’t buy the dip yet, but plans to do it in near future.

Mayor is Bullish on Amending State Laws to Add Bitcoin to City’s Balance Sheet

Bitcoin price has more than tripled from its 2017 high reaching a new all-time high of $64,683. Many Fortune 500 companies like MicroStrategy made the most of this bull run as they have invested just over $2 billion from the treasury cash that made them more than their investment in profits at price peak. Even now the firm is in profit.

Miami Mayor is also looking for ways to add Bitcoin to the city’s treasury and even though current laws do not allow the city treasury to hold anything apart from fiat, Suarez hinted that he is willing to change state laws to include the top crypto currency. He said, “We are not allowed to hold something that is not fiat at this particular moment so that would require a state law change. The volatility of it is something that will probably need to work itself out."

The city mayor also talked about the volatility of the crypto market especially the influence of Elon Musk’s tweet that could send the price of many crypto tokens swinging.

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