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Miami Mayor Suarez Still Takes Bitcoin Salary Despite Crypto Winter

Jimmy Khan

May 26, 2022 09:59

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Miami Mayor Francis Suarez talked about his bitcoin salary at the World Economic Forum this week, while also adopting a realistic approach to the sell-off.


Bitcoin (BTC) has already lost eight weeks in a row, with a ninth on the way. Despite the unfavorable press, Miami Mayor Carlos Suarez stood firm on cryptos.

Riskier assets have been battered by investor anxiety about Fed monetary policy and worries of an economic downturn. Year to date, the NASDAQ 100 has lost 26.9%.


Bitcoin's association with the NASDAQ has intensified this year as a consequence of market stress, with bitcoin down 38% year to date. The unfavorable perception around bitcoin was exacerbated by greater regulatory scrutiny.


Crypto proponents remain steadfast despite the gloomy trend, dubbed the crypto winter.


Mayor of Miami, Carlos Suarez, is still paid in bitcoin.


Mayor Francis Suarez, representing Miami, addressed at the World Economic Forum in Davos this week. According to reports, the crypto enthusiast is still paid in bitcoin.


However, the mayor of Miami said,


"For the record, that isn't my only source of income."


Adding,


"It's a different judgment than if someone's sole source of income was Bitcoin."


Suarez went on to discuss his emphasis on the usefulness of cryptos, pointing out that there is a distinction between protecting people from fraud and protecting them from losses.


Suarez said, "On the subject of losses,


"Government has a history of trying to shield people from losses, which you can't do."


In November 2021, Mayor Suarez initially declared that he will be paid in bitcoin. Before its spectacular drop, bitcoin was on its way to an all-time high of $68,979 on November 10th. Bitcoin fell to a current year low of $25,836 on May 12 in the crypto winter.


While Mayor Suarez announced a more cautious approach to cryptocurrencies, others took advantage of the chance to continue their crypto bashing. The IMF and central banks have always been anti-crypto, and Davos was no exception.


The Davos stage is being used by central bankers and the IMF to target cryptocurrency.


The IMF took advantage of the occasion to once again disparage cryptocurrency, with Managing Director Kristalina Georgieva equating it to pyramid schemes.


Anti-crypto sentiment was also expressed by central bankers. After declaring cryptos useless over the weekend, ECB President Christine Lagarde did not hold back. Cryptos, according to Lagarde,


"speculative assets whose value fluctuates dramatically over time and which seem to be currencies but are not."


Francois Villeroy de Galhau, the Governor of the Bank of France, jumped in, claiming that they are untrustworthy currencies and payment methods. Governor Sethaput Suthiwartnarueput of the Bank of Thailand agreed.

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