Francis Suarez, the crypto-friendly mayor of the city of Miami, may have further cemented his position as a cryptocurrency proponent.
— Squawk Box (@SquawkCNBC) 3 June 2021
According to Suarez, he bought BTC and ETH shortly after the US Senate Passed $1.9 trillion stimulus bill for further COVID-19 relief in early March.
For Suarez, the bill’s passage made inflation an inevitability, “I knew at the time that inflation was inevitable and there had to be some sort of hedge.”
Massive government spending to fuel the economic recovery continues to fuel inflation and monetary weakness fears further lending to bitcoin’s viability as a hedge asset.
At the time of the passage of the stimulus bill, bitcoin has hit the road above $54,000 and reached its current high of just above $64,000. With the crypto market BTC experiencing significant losses in May, token prices fell by nearly 50% across the board.
Suarez says he was not able to take advantage of the current decline, adding:
“I haven’t bought the dip yet, but I plan to. I’m just too busy; I’m working too much.”
Miami is also fast becoming a major crypto hub in the United States, announced venture capital firm Borderless Capital. $25 million fund For startups based in the city.
Miami’s footprint in the cryptocurrency landscape is set for another boost as the city hosts the Bitcoin 2021 conference. Congressmen, CEOs, Celebrities and Cryptographers Are Over 50,000 crypto loyalists expected to attend the event.