As we’ve mentioned in previous articles, it’s likely bitcoin and crypto are going to be huge topics in next year’s presidential election. Recently, another bitcoin-loving candidate threw himself into the race… Republican mayor of Miami Francis Suarez.
Francis Suarez is Running for President
Suarez has long been a bitcoin advocate, going so far as to announce in 2021 that he would accept his entire mayoral salary in bitcoin (a move shared by New York City mayor Eric Adams). In an interview at the time, he mentioned he wanted to send a message to the world that Miami was going to be one of the most innovative and tech-happy cities on Earth.
He also said he wanted to potentially start a trend and see how many other politicians and government employees would follow suit. He explained:
It will be completely optional. We want our employees to have that option, but it certainly is not going to be something we are going to force on them, understanding that a decision like that is a personal decision they [must] make if they want to make it.
His bullishness didn’t end there. He also introduced Miami Coin, a unique token for residents of his town. The idea was that the currency could potentially raise funds for the city’s growth and could also be used amongst citizens to pay utilities and related expenses. When it was launched in early 2022, the currency garnered more than $5 million in disbursements from City Coins (the minting company), which ultimately went towards a city rental assistance program.
Unfortunately, the coin didn’t get very far, only hiking to a price of about five cents per unit. Following the crypto winter of 2022, the asset was soon considered useless, and it was only ever offered on one crypto exchange. That exchange (called OK Coin) has since decided to suspend all trading of the token. In a statement, the company said:
Limited liquidity for these coins on our platform has created the possibility of price manipulation and fraudulent activity. As a result, we will suspend trading until we can address these potential risks and protect our customers.
Trying to Get More Companies Involved
Still, Suarez isn’t allowing this to bring him down. He has worked hard to bring about a Silicon Valley-type air to Miami, only he’s pushing hard for crypto companies to come and set up headquarters there. Among the ones to set up shop in the region were the now defunct crypto exchange FTX and Blockchain.com. Speaking of the latter’s arrival, Suarez said:
Blockchain.com’s arrival in Miami perfectly encapsulates what the Miami movement is all about — leveraging Miami’s talent against the world’s top companies to build towards our goal of becoming a Miami that lasts forever and a Miami that works for everyone.
