I Still Take Salary In Bitcoin: Miami Mayor Francis Suarez Tells Davos

ndtv.com:

Miami Mayor Francis Suarez said he's still taking his city salary in Bitcoin even after a rout that sent the cryptocurrency down almost 40% over the past two months.

"I will note, for the record, that it's not my only salary," he told a panel at the World Economic Forum in Davos, Switzerland, on Tuesday. "It's a different decision than if a person was deciding to take their salary in Bitcoin if it was the only source of income for them."

The Republican mayor, who's been seeking to promote Miami as a cryptocurrency and tech center, said he's more focused on the utility of the coin and that the collapse of the TerraUSD stablecoin hadn't changed his vision for fostering the crypto industry in the city. 

He first announced his plan to take his paycheck in Bitcoin last year and cautioned that people needed to be aware of the high risk and volatility involved with digital assets, in addition to the possibility of high rewards.

Key Speakers At Bitcoin 2021 Event:

Francis Suarez, mayor of Miami, speaks during the Bitcoin 2021 conference in Miami, Florida, U.S., on Friday, June 4, 2021. The biggest Bitcoin event in the world brings a sold-out crowd of 12,000 attendees and thousands more to Miami for a two-day conference.

Suarez, a 44-year-old lawyer, stressed the difference that exists between protecting people from fraud, and protecting people from losses. He pointed to the "tremendous volatility" that exists in tech stocks as well. 

"Government has had a tendency over time to try and protect people against losses, and you can't protect people against losses," he said. "That's the American system. That's what makes investing. That's the risk component to winning as well."

I'm at @Davos@wef proudly representing Miami and the efforts