- Miami Mayor Francis Suarez claims 300% returns on his Bitcoin salary despite market dips.
- He says he bought in around $30,000 per Bitcoin, but records show BTC was $64,000 in Nov 2021.
Miami Mayor Francis Suarez has publicly claimed that he has made about 300% returns on his Bitcoin salary payments, and is not worried by recent cryptocurrency market volatility. Nevertheless, the discrepancies between his alleged purchase price and the actual time of his announcement of the salary in Bitcoin have raised doubts regarding the veracity of his words.
Mayor Defends Crypto Strategy Amid Market Volatility
The Florida politician recently informed Fox Business that he is not worried about Bitcoin falling below the $100,000 mark in recent times, claiming that his investment is yielding significant returns. Suarez says that he was paid in Bitcoin when the cryptocurrency was worth about $30,000 USD per coin, which means that his returns are about 300% at present.
The mayor said that his Bitcoin investments had reached a high of 400% returns when the digital currency hit a high of $120,000 earlier this year before the recent decline. There are, however, major differences between what Suarez says and the real timeline of events regarding his decision to take a cryptocurrency salary back in late 2021 when he announced it.
According to public records, Bitcoin was trading around $64,000 in November 2021 when Suarez declared that he would be paid his next paycheck in full in the digital currency.
The mayor marketed his initiative as innovative, and he wanted to be the first state or federal legislator to receive Bitcoin as official salary compensation then. Suarez stressed that he is not just interested in the price fluctuations on a day-to-day basis, but rather in the fact that Bitcoin is a stable store of value where the monetary creation processes are transparent.
The mayor was more interested in the larger development of decentralized finance, the use of cryptocurrencies, and the introduction of artificial intelligence instead of monitoring short-term market trends and volatility. Suarez was an early adopter of cryptocurrency, having already reported owning both Bitcoin and Ethereum prior to starting to receive his government pay in cryptocurrency. He has publicly advocated for the cryptocurrency market as early as December 2020, long before his decision to receive Bitcoin as payment made headlines.
The fact that Suarez said the cost of joining was $30,000 and the price of Bitcoin at the time of his announcement was $64,000 is still inexplicable by the office of the mayor. Although the specifics are doubtful, Suarez keeps promoting the use of cryptocurrencies and holds to his view that accepting Bitcoin salary was a good financial move.
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Source: https://thenewscrypto.com/miami-mayor-celebrates-300-bitcoin-gains-while-timeline-raises-eyebrows/
