Known for his bitcoin-friendly stance, Francis Suarez, Miami’s Mayor, recently announced his withdrawal from the presidential race on the social media platform X (previously Twitter). While putting his campaign for President on hold, Suarez reaffirmed his dedication to the betterment of the nation for all Americans.
Suarez had earlier shown skepticism towards the Biden administration’s approach to cryptocurrency, and in an innovative move, his campaign accepted bitcoin as a donation. He praised this move as the “development of technologies that will offer democratizing opportunities for wealth creation”. He also expressed concern over a central bank digital currency (CBDC), voicing potential privacy implications.
The former presidential candidate has not been shy in exploring the use of blockchain technology. He received part of his salary in bitcoin, and in 2021, launched an experimental project, MiamiCoin (MIA), intending to provide Miami’s citizens with a regular bitcoin stimulus, akin to dividends for company shareholders. Nevertheless, the project struggled to establish itself, eventually having its trading suspended on at least one crypto exchange due to low liquidity.
A self-identified Republican, Suarez announced his presidential ambitions in June, joining the packed race for the GOP nomination against significant rivals like former President Donald Trump and Florida Governor Ron DeSantis.
Despite his withdrawal from the presidential race, Suarez vowed to continue supporting other Republican candidates by ensuring the party nominated a strong contender who could inspire, unite the national, restore faith in national institutions, and secure a win.
While Suarez’s experiment with blockchain technology and cryptocurrencies brought its own set of challenges, his pursuit of these novel technologies has certainly planted the seeds for a broader discussion on the role of digital currencies in future political campaigns and public administration. His abrupt exit from the presidential race does raise questions about the sustainability of such endeavours, but Suarez remains an influential figure to keep an eye on in the crypto landscape – particularly for those who envisage a future where blockchain technology makes a significant impact on our political and economic systems.