Mayor of Miami has invested in Bitcoin and Ethereum

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Miami Mayor Francis Suarez announced personal investments in Bitcoin and Ethereum.

According to the mayor, he decided to buy cryptocurrencies immediately after the US Senate approved a $ 1.9 trillion stimulus package in early March. This, he said, is a sign of the inevitability of inflation in the future.


“At that moment I already knew that inflation was inevitable and that there had to be some kind of hedge,” Suarez said in a conversation with CNBC.


After the approval of new measures to support the economy, bitcoin continued to grow until it reached its current maximum of about $ 65,000. Subsequently, the price of the cryptocurrency rolled back to $ 30,000. Suarez says that he has not yet seized the opportunity to build up its position.


“I haven’t bought on a pullback yet, but I plan to do so. I was just very busy, too much work, ”he explained.


The mayor agreed that his earlier reports of plans to Bitcoinize Miami could have pushed the cryptocurrency market higher. In this, he sees a sign of the immaturity of bitcoin as an asset, the trading of which has not yet had time to stabilize.


“The videos of what we do in the city have become the most viewed videos I’ve ever uploaded. It also testifies to an incredible number of people interested in cryptocurrencies. I have heard reports that they are being held by 100-150 million people, ”he added.

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