Miami Mayor Reelected to Save 401k Partial Retirement in Bitcoin
Mayor of Miami, Francis Suarez, also receives a portion of his salary in bitcoin with the help of Strike, a third-party provider.
Longtime Mayor Francis Suarez announced that he will receive a portion of his 401 (k) payments in Bitcoin (BTC) just a month after receiving his salary in BTC.
Soon after Suarez became the first American lawmaker to accept a portion of his salary in bitcoin, he plans to spend a portion of his retirement savings on bitcoin based on “personal choice,” the statement said.
“I think this is a good investment property. I think that this is an asset, the value of which will obviously grow over time. I believe that. ”
Suarez stressed that Bitcoin’s success is closely tied to trust in the system, which is, by its very nature, “an unmanaged open source system.” The mayor announced that he has started receiving his salary in bitcoin with the help of the third-party provider Strike.
The mayor also announced that the city government is accepting bitcoin payments from residents. While the mayor is considering various options for including bitcoin payments for retirement plans, Suarez is sure to put the system in place by 2022.
Thanks to Governor DeSantis for following Miami’s lead and welcoming crypto innovation and business in Florida!
Now is your chance to take over as governor and get your next bitcoin paycheck … @RonDeSantisFL you live in? https://t.co/Zppp8DCiMe
– Mayor Francis Suarez (@FrancisSuarez) December 9, 2021
RELATED: Miami Will Give Residents Free Bitcoins From Winning City Coins
On November 12, Mayor of Suarez announced that he would be offering bitcoin dividends to every eligible Miami resident as direct dividends to further boost the momentum for bitcoin adoption in Miami.
As reported by Cointelegraph, the City of Miami will share the BTC proceeds generated by hosting its domestic cryptocurrency, MiamiCoin, originally introduced by Citycoins to fund city projects by making a profit. In an effort to make the city a major crypto hub, Suarez said:
“We will create e-wallets for our residents. And we give them Bitcoins directly from MiamiCoin profits. “