Miami’s newly elected mayor plans to invest a portion of his 401k retirement funds in Bitcoin

Mayor Francis Suarez of Miami likewise gets a portion of his salary in Bitcoin through a third-party payment processor called Strike.

Francis Suarez, Miami’s long-serving mayor, has revealed intentions to collect a portion of his 401(k) payment in Bitcoin (BTC), barely a month after he began earning income in the cryptocurrency.

Suarez, who became the first US congressman to take a portion of his pay in Bitcoin, intends to commit a portion of his retirement funds to Bitcoin for “personal reasons,” he said in an interview with Real Vision:

“I just believe it is a good investment. I believe it is one that will undoubtedly gain in value over time. It is one in which I believe.”

Suarez stressed that the success of Bitcoin is inextricably linked to public faith in the system, which is essentially a “open-source, unmanipulatable technology.” The mayor announced that he has begun accepting salary payments in Bitcoin using a third-party payment processor called Strike.

Additionally, the mayor said that the municipal administration now accepts Bitcoin payments from Miami citizens. While the Mayor considers several methods for facilitating Bitcoin payments for retirement funds, Suarez is determined to have a meaningful system by 2022.

Mayor Suarez said on Nov. 12 that he will distribute Bitcoin yield as a dividend directly to all eligible Miami residents in an attempt to further accelerate the city’s Bitcoin adoption campaign.

As previously reported by Cointelegraph, the city of Miami will split and distribute BTC returns earned by people staking its in-house cryptocurrency, MiamiCoin, which was first developed by Citycoins to generate revenue for municipal programmes. Suarez said the following in an effort to make the city into a significant bitcoin hub:

“We’re going to provide our folks with digital wallets. And we’re going to provide them with Bitcoin straight from the MiamiCoin yield.”

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