The news is swirling around the Bitcoin-friendly mayor of Miami, Francis Suarez, who announced on Coindesk TV that his presidential campaign would welcome donations in the form of Bitcoin. Unconventional as it might sound, Suarez views this as an evolution of technology that holds the key to democratizing wealth creation, immune from subjective human influence.
Stepping into the political arena, Suarez declared his intention to compete in the 2024 presidential race in June, joining a battlefield filled with stalwarts such as Donald Trump and Ron DeSantis. The Bitcoin delight doesn’t seem surprising as Suarez has been vocal about his endorsement for digital currencies, seeing in them the potential to redefine the future of wealth distribution in America.
Promises of Miami metamorphosing into a Bitcoin hub have been streaming from Suarez, who also accepts his own salary in Bitcoin. His enthusiasm for cryptocurrencies pervades multiple areas, evident in the launch of MiamiCoin (MIA) back in 2021. The coin was envisaged to function similarly to dividend payouts to shareholders, with the citizens of Miami receiving recurring Bitcoin stimuli.
Yet the crypto story isn’t all smooth sailing. For all its initial promise, MiamiCoin has faced a rocky road, shedding about 95% of its value since its inception. Despite insistent headwinds, Suarez remains committed to his foray into the transformative world of cryptocurrencies: an industry he believes requires a president who fundamentally grasps both crypto and Artificial Intelligence technologies.
Taking a step back, one can’t help but ask: Is this drive towards a digital financial future an insightful move or a risky gamble? While it’s hard to ignore the democratizing potential of blockchain technology, one might worry that the instability and volatility associated with cryptocurrencies could bring more uncertainties than assurance in the political sphere. Only time will tell.
Source: Coindesk
