Miami Mayor Francis Suarez told Fox Business he is not concerned about cryptocurrency market fluctuations, noting that his Bitcoin salary has increased by 300% since he began receiving it.
Suarez, one of the first U.S. officials to adopt crypto-based compensation, first announced in November 2021 that he would take at least part of his mayoral salary in Bitcoin.
According to a Miami Herald report in July 2024, Suarez’s annual salary is $97,000, and his net worth totals $4.45 million.
At present, there is no confirmed evidence that he continues to receive his salary — or part of it — in Bitcoin.
Suarez Says Bitcoin Is More Than a Salary
Speaking from the sidelines of the America Business Forum, which featured U.S. President Donald Trump and other leaders, Suarez dismissed fears over the crypto downturn.
He explained that he’s not worried about daily price movements, calling Bitcoin a macroeconomic hedge asset with “hardcoded monetary properties” that people increasingly believe in.
Background and Market Context
Based on his statements, Suarez likely received part of his salary in Bitcoin when the asset was worth about $30,000. However, Bitcoin only reached those levels in early 2022 during the crypto winter — suggesting that his average purchase price may have been closer to that mark rather than the 2021 highs near $65,000.
In November 2022, Suarez confirmed he was still receiving a portion of his pay in Bitcoin, though no official updates have followed since.
He isn’t alone among politicians exploring crypto-based salaries. Former New York City Mayor Eric Adams also took part of his pay in Bitcoin but later lost his seat to Socialist candidate Zohran Mamdani.
Suarez mentioned Adams in his remarks, noting that Mamdani’s policies “run counter to traditional U.S. values such as capitalism, freedom, and personal opportunity.”
Source: https://coinpaper.com/12160/miami-mayor-s-bitcoin-salary-soars-300-as-he-shrugs-off-volatility
