The mayor of Miami intends to take his 401 (k) retirement savings partly in bitcoin, as he develops the city’s crypto credentials.

Miami Mayor Francis Suarez hopes to take some of his retirement savings in bitcoin, having now started collecting his salary in the main cryptocurrency. Suarez let RealVision know on Friday that he is exploring how to get some of his 401 (k) bitcoin pot, and that he hopes to start making payouts into the token by the following year. The city of Miami pioneer, who was recently rebranded as mayor, uses an app called Strike to get his bitcoin pay. In November, he said 100% of his next check would be in digital currency. Suarez has struck the gong for crypto in his drive to make Miami a focal point for digital innovation.

“Obviously, it will appreciate over time. It’s something I believe in, “he added.

“It’s a personal choice. I just think it’s a good asset to invest in, ”he told the editor-in-chief of Real Vision at the financial analysis site’s TakeOver event.

It competes to be a crypto hub with New York, whose mayor Eric Adams insisted that its first three paychecks be in bitcoin.
The mayor told Real Vision that part of the reason he can receive part of his 401k in bitcoin is because he is allowed to receive outside income.

In August, his city launched its own digital currency, MiamiCoin, and the mayor said he hoped the project could fund the city enough for residents to not pay taxes. When cryptocurrency is purchased or mined, 30% of the reward goes to Miami vaults.

“I have private sector income. So in fairness my salary as mayor is not 100% of my income. So that’s part of my income that I can make this type of investment with, ”Suarez said.

In October, Suarez told Bloomberg that he plans to pay City of Miami employees in bitcoin, as well as allow residents to pay city fees with it.
“(Regarding) our residents being able to pay fees in bitcoin, we just had an industry day for bitcoin exchanges. And we’re in the process of launching an RFP (Request for Proposal) on this. “, He declared during the RealVision event.
The mayor of Miami also wants the state of Florida to allow Miami to hold bitcoin on its balance sheet, but state and federal laws do not allow a city or district to own cryptocurrency.

Suarez was generally bullish on bitcoin during Friday’s event, despite its recent fall below $ 50,000 as he was beaten alongside other markets by fears over the Omicron coronavirus variant. The coin was valued at $ 48,864 on Monday morning, according to data from CoinGecko.

“Part of the reason I think bitcoin has been so successful is because people trust it,” he said. the source of its popularity, and why it is so well done. Bitcoin has grown by around 160% over the past 12 months, and it is the number one cryptocurrency with a market cap of around $ 923 billion, up from $ 349 billion a year earlier.

Summary of the news:

  • The mayor of Miami intends to take his 401 (k) retirement savings partly in bitcoin, as he develops the city’s crypto credentials.
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