While speaking at the World Economic Forum in Davos, Miami Mayor Francis Suarez stated that he still receives his salary in Bitcoin even though Bitcoin has dropped over 40% in the last two months.
“I will note, for the record, that it’s not my only salary. It’s a different decision than if a person was deciding to take their salary in Bitcoin if it was the only source of income for them,” said Francis Suarez.
Suarez, who has been working to market Miami as a cryptocurrency and tech hub, said he’s more interested with the coin’s utility, and that the collapse of the TerraUSD stablecoin hasn’t impacted his plans for expanding the crypto sector in Miami.
The Mayor emphasized the distinction between protecting individuals against fraud and protecting them from losses. He also mentioned the “tremendous volatility” that prevails in tech stocks.
“Government has had a tendency over time to try and protect people against losses, and you can’t protect people against losses. That’s the American system. That’s what makes investing. That’s the risk component to winning as well,” Suarez noted.
As a part of developing Miami as a crypto hub, last November the Miami Mayor announced the city will soon give out a “bitcoin yield” from the staking of the city’s own cryptocurrency, MiamiCoin.
In December, the Mayor announced plans to take 401k retirement savings partly in Bitcoin. Suarez hinted that Miami residents would soon be able to pay their municipal fees in bitcoin in future.