Miami’s Re-Elected Mayor Plans to Invest 401k in Bitcoin

Key Takeaways:

  • Miami’s re-elected Mayor plans to invest 401k in Bitcoin just a month after receiving his BTC salary.
  • Suarez stated last month that the city of Miami would soon pay residents a “bitcoin yield” from the city’s revenues from MiamiCoin, the city’s cryptocurrency.
  • Francis Suarez, the long-serving Mayor of Miami, has announced plans to get a portion of his 401(k) payout in Bitcoin (BTC) only a month after receiving wages in the cryptocurrency.
Miami'S Re-Elected Mayor Plans To Invest 401K In Bitcoin
Miami’s Re-Elected Mayor Plans to Invest 401k in Bitcoin

In an interview with Actual Imaginative and prescient, Suarez stated that, shortly after becoming the primary US congressman to accept a portion of his pay in Bitcoin, he wishes to devote a part of his retirement assets to Bitcoin as ” a “a personal option.”

“I just think it is a good asset to be invested in. I think it’s one that’s obviously going to appreciate over time. It’s one that I believe in.”

“Oh yeah! Definitely!” Mayor Suarez said when asked if payments to his retirement funds in cryptocurrencies will begin in 2022. 

Despite the cryptocurrency’s 28% price reduction last week, Suarez and other like-minded residents are eager to receive bitcoin payments because they trust in it.

“Blockchain has succeeded so well because people have confidence in it,” Suarez said. “They have confidence in it because they see that it’s an open-source and an un-manipulatable system. And I think that is the source of the popularity and why it’s done so well.”

Bitcoin’s success, according to Suarez, is inextricably linked to the system’s daring, which is fundamentally an “open-source, un-manipulable system.” With the help of a third-party fee processor called Strike, the Mayor said that he has begun receiving wage funds in Bitcoin.

The Mayor also mentioned that the local government accepts Bitcoin as payment from Miami citizens. While the Mayor considers various options for allowing Bitcoin funds for retirement savings, Suarez is assured to develop a similar system by 2022.

 “Thanks, Governor DeSantis, for following Miami’s lead and welcoming crypto innovation and firms into Florida!”

Now it’s your likelihood to take the lead as Governor and take your subsequent paycheck in Bitcoin… @RonDeSantisFL, you in? https://t.co/Zppp8DCiMe

                                                                                    –@FrancisSuarez

Mayor Suarez proposed on Nov. 12 to give Bitcoin yield as a dividend to each eligible Miami citizen to accelerate the city’s Bitcoin adoption campaign further.

The town of Miami will split the BTC yields gained by staking its in-house cryptocurrency, MiamiCoin, which Citycoins originally launched to pay municipal activities by earning yield, according to Cointelegraph. Suarez stated, in an effort to transform the city into a major bitcoin hub:

“We’re going to create digital wallets for our residents. And we’re going to present them Bitcoin immediately from the yield of MiamiCoin.”

The Mayor stressed that he is allowed to have outside income, which is one of the reasons he can receive some of his 401k in bitcoin.

“I do have private-sector income. So, in fairness, my mayoral salary is not 100% of my income. So it’s a part of my income I can do this type of investment with.”

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Aadrika Sharma

I enjoy writing and try to learn new things every passing day!