Miami mayor reelected to take 401k retirement savings partly in Bitcoin

Longtime Miami Mayor Francis Suarez has now announced plans to take part of his 401 (k) payment in Bitcoin (BTC) just a month after he started receiving a salary in BTC.

Shortly after becoming the first US lawmaker to accept part of his salary in Bitcoin, Suarez wishes to devote part of his retirement savings to Bitcoin on the basis of “personal choice,” he said in an interview with Real Vision:

“I just think it’s a good asset to invest in. I think it’s an asset that will obviously appreciate over time. He’s the one I believe in.

Suarez pointed out that Bitcoin’s success is closely tied to trust in the system, which is inherently an “open source and unmanageable system”. The mayor revealed that he started receiving salary payments in Bitcoin through the help of a third-party Strike payment processor.

The mayor also indicated that the city government accepts payment of Bitcoin fees from residents of Miami. As the mayor explores the various options for enabling Bitcoin payments for retirement savings, Suarez is certain to have a relevant system in place by 2022.

Thanks to Governor DeSantis for following Miami’s lead and welcoming innovation and crypto companies to Florida!

Now is your chance to take the lead as governor and receive your next Bitcoin paycheck … @RonDeSantisFL you in it? https://t.co/Zppp8DCiMe

– Mayor Francis Suarez (@FrancisSuarez) December 9, 2021

Related: Miami to Distribute Free Bitcoin to Residents Using City Coin Profits

In an effort to further stimulate the Miami Bitcoin adoption campaign, Mayor Suarez announced on November 12 that he would give the Bitcoin return as a dividend directly to every qualifying Miami resident.

As Cointelegraph reported, the city of Miami will split and distribute BTC returns to residents earned by staking its internal cryptocurrency, MiamiCoin, which was originally launched by Citycoins to fund municipal projects by generating returns. In a bid to transform the city into a major cryptocurrency hub, Suarez said:

“We will be creating digital portfolios for our residents. And we’re going to give them Bitcoin straight from the MiamiCoin yield.