The Mayor of Miami addresses the WEF and states that he continues to get paid in Bitcoin
Davos’ 2022 World Economic Forum (WEF) is being taken over by cryptocurrency corporations and renowned cryptocurrency personalities, like Miami Mayor Francis Suarez, who have publicly expressed their views and experiences with digital assets.
Even after the collapse of the TerraUSD stablecoin and the negative streak that ravaged the whole crypto market and pulled its flagship digital asset down with it, Suarez underlined at a WEF panel that he was still getting his income in Bitcoin (BTC), the NDTV Profit reported on May 25.
“I’d want to make it clear that this is not my main source of income.” According to the author, it’s not the same option as if someone was making the choice to accept their whole paycheck in Bitcoin since that was the only form of income they had available to them.
Last year, the Mayor of Miami opted to collect his salary in Bitcoin, but he cautioned residents about the high level of risk and volatility that comes with investing in digital assets of this kind.
Cryptocurrency ownership has spread around the globe
One in ten families in the Eurozone owns crypto assets, according to the European Central Bank (ECB). Wealthy owners are only marginally more likely to own crypto assets than poor ones.
Finbold highlighted Paysafe research from the middle of January 2022, which found that 55% of crypto holders in the United States and the United Kingdom chose to receive their salary in digital assets.
According to the Federal Reserve’s recent assessment, titled “Economic Well-Being of U.S. Households in 2021,” 12 percent of persons in the United States will possess cryptocurrency by 2021.
Since nothing without a sovereign guarantee can be deemed a currency, the IMF is highly cautious when it comes to digital assets, and its top caution at a Davos panel warned against conflating crypto goods with currencies.