Miami Mayor Francis Suarez, a renowned cryptocurrency supporter, recently made a statement that his Presidential campaign will now accept Bitcoin, the leading virtual currency. This move is unsurprising considering Suarez’s persistent enthusiasm for cryptocurrencies. He holds the belief that Bitcoin and other emerging technologies can democratize wealth creation, offering an investment channel less prone to human manipulations or political purposes.
Mayor Suarez’s campaign accepts Bitcoin donations summing as low as a mere 0.00034 Bitcoin, translating to $1. Concurrently, Suarez not only criticized the Biden administration’s handling of cryptocurrency, but also pointed out a profound failure to understand the domain. He argues that the authorities have been more focused on regulation enforcement rather than developing a robust and clear framework for cryptocurrency exchange. Suarez urged that it is crucial to distinguish among different digital assets and to establish explicit guidelines for issues like asset custody.
Furthermore, Suarez expressed his disapproval for the concept of the central bank digital currency (CBDC). He remarked that most people would be uncomfortable giving the federal government access to individuals’ financial data and holdings, a concept that systemically comes with CBDCs. Suarez contends that the model falls short in delivering true innovation or offering any unique characteristics. If elected president, he would push to ban CBDCs.
As the Miami Mayor launched his presidential bid, his openness towards Bitcoin donations fell in line with community expectations, given his historical support for digital currencies. His trust in Bitcoin’s potential coupled with his desire to transform Miami into a Bitcoin-centric city has been seen before. He even began receiving a part of his salary in Bitcoin, demonstrating his dedication to this digital revolution.
However, Suarez’s cryptocurrency journey hasn’t been smooth in its entirety. MiamiCoin (MIA), a digital currency launched by the mayor in 2021, was intended to distribute regular Bitcoin-based bonuses to the city’s residents. Yet, the digital coin’s value has taken a 95% dive since inception. But despite this stark decrease, Suarez keeps pushing to engage with the industry, pointing out the need for a president well-familiar with the nuances of the crypto and artificial intelligence technologies, factors he considers vital for the nation’s prosperity.
Source: Cryptonews
