Miami Mayor Francis Suarez reported a significant increase in his income earned in Bitcoin, despite recent fluctuations in the cryptocurrency market. According to him, the portion of his salary received in Bitcoin shows a 300% gain compared to the time of purchase.
This is reported by Business • Media
Suarez’s Attitude Towards Cryptocurrency Market Volatility
In a speech on Fox Business during the America Business Forum, which was also expected to feature U.S. President Donald Trump, Suarez emphasized that he is not worried about the recent downturn in the market. He stated that he received his payment in Bitcoin when the digital currency was around $30,000, and since then his portfolio has shown a 300% increase. The mayor noted that when the price of Bitcoin exceeded $120,000, the income gain reached 400%.
“No, since I received the payment [in Bitcoin] at $30,000. So it’s still a 300% increase. When it [the price] was above $120,000, the gain was 400%.”
Context and Political Position
Suarez emphasized that he is not interested in short-term fluctuations in the value of cryptocurrencies. He views Bitcoin as a macroeconomic hedge asset and highlights people’s belief in its monetary function, which is embedded in the code. The mayor also stated that he is more interested in the development of the ‘digital revolution,’ particularly decentralized systems, cryptocurrencies, and artificial intelligence, which will be key topics of discussion at the America Business Forum.
Francis Suarez first announced his intention to receive part of his salary in Bitcoin back in November 2021. As of 2024, his salary is $97,000 per year, and his total wealth is estimated at $4.45 million. However, there is currently no exact confirmation that Suarez is still receiving his salary or part of it in Bitcoin. There is a possibility that the average value of his portfolio was around $30,000 per coin, but this information has not been officially confirmed.
Former New York Mayor Eric Adams also received his salary in Bitcoin, but he recently stepped down in favor of socialist Zohra Mamdani. Suarez noted that Mamdani’s politics contradict traditional American values such as capitalism, freedom, and opportunities for personal development.