The mayor advised that Bitcoin can nonetheless present quite a few advantages not provided by the fiat foreign money system.
Might Bitcoin Substitute the Greenback?
Throughout an interview with CNBC on Friday, Suarez was requested if he believed regulators have been accountable for permitting the FTX disaster to develop and ultimately explode. Sure trade leaders, comparable to Coinbase CEO Brian Armstrong, have blamed an absence of regulatory readability within the U.S. for driving the trade to unregulated markets abroad.
Suarez, nonetheless, selected to not level fingers.
“When folks lose cash, and issues don’t go the best way that they anticipate, everybody desires accountable somebody,” the mayor stated. “We stay in a capitalist nation, the place folks danger capital. Typically it really works out for them, generally it doesn’t.”
A part of Suarez’s enthusiasm round Bitcoin from a perception in its potential to unfold free market rules internationally. In December 2021, he claimed Bitcoin might “eradicate communism on the planet, liberate folks and democratize their selections,” because of its immunity to financial debasement.
Some have even cited this high quality when theorizing about how Bitcoin might substitute the greenback – one thing Suarez’s interviewer referred to as a “ridiculous notion.” Though Suarez hesitated to again that declare, he acknowledged Bitcoin for having benefits over the fiat foreign money system. These embrace the blockchain’s skill to create “environment friendly transactions,” and assist in cross-border remittances.
Suarez additionally pointed to the rising momentum in favor of digitizing the greenback via stablecoins – cryptocurrencies backed 1:1 with arduous foreign money.
“Loads of that is media pushed,” stated Suarez relating to latest panic round crypto and FTX. “Possibly in 6 months, bitcoin is at 30,000, or 40,000. Are you going to have me again on and say ‘Mr. Mayor, you’re tremendous good?’
Miami’s Bitcoin Initiatives
Suarez discovered himself in competitors with New York Metropolis mayor Eric Adams in 2021 to show which politician was most dedicated to Bitcoin. After Suarez promised to obtain his subsequent paycheck in BTC, Adams introduced that he’d obtain his following three paychecks within the prime two cryptocurrencies.
Suarez later topped the then-newly elected mayor, promising to simply accept his total wage in Bitcoin.
At Miami’s Bitcoin convention in April of final yr, Suarez voiced plans to combine Bitcoin into “each side of society.”