The cryptocurrency-friendly Mayor of Miami, Francis Suarez, may have further cemented his position as a cryptocurrency supporter.
-Squawk Box (@SquawkCNBC) June 3, 2021
According to Suarez, he bought BTC and ETH immediately after the U.S. Senate by The $1.9 trillion stimulus bill in early March was used to further alleviate COVID-19.
For Suarez, the passage of the bill made inflation inevitable. He said: “At that time I knew that inflation was inevitable and there must be some kind of hedge.”
Large-scale government spending to stimulate economic recovery continues to raise concerns about inflation and currency depreciation, further proving the feasibility of Bitcoin as a hedge asset.
When the stimulus bill was passed, Bitcoin soared to more than $54,000, reaching the current historical high of more than $64,000. The BTC and cryptocurrency markets did suffer significant losses in May, with token prices falling by nearly 50% across the board.
Suarez said he could not take advantage of the current decline, adding:
“I haven’t bought the dipping sauce, but I plan to buy it. I’m just too busy; I’ve worked too much.”
Miami is also rapidly becoming a major crypto hub in the United States, and the venture capital firm Borderless Capital announced $25 million fund For start-up companies based in cities.
From nightclub to Pay taxes, The adoption of cryptocurrency seems to be growing at a significant rate throughout the city, and the mayor even called for Progressive cryptocurrency law Come back in February.
With the city hosting the Bitcoin 2021 conference, Miami’s footprint in the cryptocurrency field seems to be improved again.Members of Congress, CEOs, celebrities and cryptographers are all in 50,000 cryptocurrency loyalists are expected to add luster to this event.