Despite FTX’s collapse, the mayor of Miami is still a Bitcoin believer

Despite FTX’s collapse, the mayor of Miami is still a Bitcoin believer

Bitcoin-bullish Miami Mayor Francis Suarez remains loyal to the asset after the collapse of one of the world's largest crypto exchanges shook confidence in the industry.

The mayor suggested that Bitcoin can still offer numerous advantages that the fiat currency system does not.

Could Bitcoin replace the dollar?

During one interviewSpeaking to CNBC on Friday, Suarez was asked if he believes regulators are responsible for allowing the FTX disaster to unfold and eventually explode. Some industry leaders, like Coinbase CEO Brian Armstrong, have blamed a lack of regulatory clarity in the U.S. for driving the industry into unregulated markets overseas.

However, Suarez chose not to point fingers.

“When people lose money and things don’t go the way they expect, everyone wants to blame someone,” the mayor said. "We live in a capitalist country where people risk capital. Sometimes it works out for them, sometimes it doesn't."

Part of Suarez's enthusiasm for Bitcoin comes from a belief in its potential to spread free market principles around the world. In December 2021 he hasclaimsBitcoin could “eradicate communism on the planet, liberate people and democratize their decisions” thanks to its immunity to currency devaluation.

Some have even cited this quality when theorizing about how Bitcoin couldreplace dollars– something Suarez’s interviewer described as a “ridiculous idea.” Although Suarez was hesitant to back up this claim, he acknowledged that Bitcoin has advantages over the fiat currency system. This includes blockchain’s ability to create and help create “efficient transactions.”cross-border transfers.

Suarez also noted the growing momentum in favor of digitizing the dollar through stablecoins – cryptocurrencies backed 1:1 with hard currency.

“A lot of it is media-driven,” Suarez said in reference to the recent crypto and FTX panic. "Maybe Bitcoin will be at 30,000 or 40,000 in 6 months. Are you trying to turn on me again and say 'Mr. Mayor, you're super smart?'

Miami's Bitcoin Initiatives

Suarez competed with New York City Mayor Eric Adams in 2021 to prove which politician was most interested in Bitcoin. After Suarez promisedreceivehis next paycheck in BTC, Adamsannouncedthat he would receive his next three paychecks in the top two cryptocurrencies.

Suarez later led the then newly elected mayor in pledging to accept histotal salaryat Bitcoin.

At the Bitcoin conference in Miami in April last year, Suarez expressed plans to do sointegrateBitcoin in “every aspect of society.”

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