In an interview with the CNBC Squawk Box program, Miami Mayor Francis Suarez mentioned he bought BTC and ETH immediately after the Senate passed the COVID-19 relief back in early March in the United States. Currently, he owns Bitcoin (BTC) and Ether (ETH) because he felt that inflation was inevitable after the Covid-19 relief bill was passed by Congress, and Ethereum and Bitcoin will act as a hedge against inflation.
Hedge Against Inflation
Last year, some companies were already buying Bitcoin as a hedge against inflation. Many people had concerns that the government’s money printing activities might devalue the currency, which might result in a higher inflation rate.
Bitcoin surged past $54,000 at the time of the stimulus bill passage and eventually reached a new all-time high above $64,000. However, a significant correction followed in May, and BTC fell to below $31,000. In May, Bitcoin faced deep losses when the token price was down by almost 50% across the board. Many retail investors and leveraged traders sold their holdings during the same time. However, many long-term holders used the pullback to accumulate more cryptos like BTC.
Mayor Suarez could not take advantage of the low prices of most cryptocurrencies to add more coins to his holdings. He was regretting not having the benefit of the dip. Suarez said in a statement that he was unable to take advantage of the current dip, adding: “I haven’t bought the dip yet but I’m planning to. I’ve just been too busy; I’ve been working too much.”
Mayor Francis Suarez believes the government must keep pouring money into the economy. Thus, no one will want to keep hold of dollars. Everyone will rush to buy bitcoins, which will be the key to a new increase in the price of cryptocurrencies.
Miami – A Truly Crypto-friendly City
Miami Mayor Francis Suarez focuses on making Miami a crypto-friendly city. He is considered a cryptocurrency proponent and has built a reputation as a crypto-friendly Mayor of Miami. Suarez is very much optimistic about cryptocurrencies. He wants Miami to be at the forefront of cryptocurrency transactions. To turn Miami into a cryptocurrency center, the Mayor has also proposed to allow government employees to get paid in Bitcoin.
Due to Miami’s crypto-friendly vibes, more firms are moving to Miami. Thus, Miami is slowly becoming a hub of the crypto industry. Many businesses in Miami have started accepting crypto payments, including nightclubs, helping increase crypto adoption across the city. Also, a venture capital firm, Borderless Capital, has announced plans to invest a $25 million fund for startups based in Miami. If Miami city keeps up such crypto-friendly initiatives, Miami will, indeed, become the crypto capital of the United States and the world.
Bitcoin 2021 Conference
Miami is preparing for another boost as the city plays host to the Bitcoin 2021 conference. A group of Crypto enthusiasts and industry players will gather at the Mana Wynwood Convention Center in Miami for the Bitcoin 2021 conference. Miami Mayor Francis Suarez, Bitcoin (BTC) permabull, Michael Saylor, Chief Executive Officer of MicroStrategy, Jack Dorsey of Twitter, and cryptocurrency and Bitcoin investors such as Cameron and Tyler Winklevoss, are the prominent participants who would be part of the conference.
Additionally, Bitcoin 2021 will see Government officials such as Wyoming Sen and Cynthia Lummis. Chris Giancarlo, a former chairman of the U.S. Commodity Futures Trading Commission, and Brian Brooks, a former acting comptroller of the currency of the U.S. Office, attending the event.
To make the event more interesting, the delegates would talk and discuss titled “Bitcoin is DeFi”, “The Moral Case for Bitcoin” and “Bitcoin Mining Fixes Our Energy Problems.” Other panels will explore topics concerning on-chain analytics, proof of reserves, and banking the unbanked.