Francis Suarez served as a Miami Commissioner for eight years before being elected as Mayor with 86% support from Miami residents. Suarez has become a crypto fan favorite due to his pro-Bitcoin agenda.
On Friday, the Miami Commissioners voted to launch education campaigns in English, Spanish and Creole to inform people about Bitcoin and other cryptocurrencies — the first critical step in a broader effort by Mayor Francis Suarez to invest public funds in crypto and give employees the option to be paid in crypto as well, according to CoinDesk.
On February 11, Suarez announced on his Twitter that he got support from the Miami Commissioners office on a resolution to procure a crypto exchange to offer employees the chance to get paid in bitcoin.
He also proposed investing city treasury funds in Bitcoin as a hedge against inflation — instantly making him one of the biggest Bitcoin bulls in United States municipal government.
Suarez doesn't seem fazed by the volatility or the political pressure from investing government funds into Bitcoin.
"Anytime you invest in anything, of course it's risky. There is no obligation by any of our employees to invest in Bitcoin," he said to Warner Media.
Florida has strict limits on how local governments can invest treasury funds, and Treasury Secretary Janet Yellen already called bitcoin a "highly speculative asset" that aids illicet transactions, but Suarez seems intent to educate Yellen and others about the opportunities for Bitcoin.
"It doesn't surprise me that a Treasury Secretary would find a decentralized currency to be hostile to a national currency that they control. Bitcoin is not manipulatable, and that's something worth studying more closely."
Janet Yellen replaced President Trump's pick of Steven Mnuchin and became the first women to head the Treasury and Federal Reserve, but neither secretary has much concern over inflation.
Yellen's primary focus since entering office has been to oversee Biden’s ambitious $1.9 trillion stimulus program to battle coronavirus, as the federal government closed out fiscal 2020 with a national debt approaching $28 trillion and a deficit exceeding $3 trillion.
“I think we need to look closely at how to encourage their use for legitimate activities while curtailing their use for malign and illegal activities. I intend to work closely with the Federal Reserve and the other federal banking and securities regulators on how to implement an effective regulatory framework for these and other fintech innovations,” said Yellen.
Miami has possibly the highest number of Bitcoin ATMs per capita compared to any other city in the United States. There are over 437 Bitcoin ATMs in Miami, compared to 277 in San Francisco, according to Coinatmradar.
The Bitcoin Conference is scheduled for June in Miami.