Miami mayor plans to accept first paycheck entirely in Bitcoin

Miami mayor plans to accept first paycheck entirely in Bitcoin

Francis Suarez, who has served as the mayor of Miami since 2017, has said he’s going to take the next paycheck in Bitcoin.

In a Nov. 2 Twitter post, Suarez said he aimed to be the first U.S. lawmaker at the state or federal level to accept part of his salary in Bitcoin (BTC). Public records show the Miami mayor’s salary was $97,000 annually between 2016 and 2017, meaning he would receive a monthly paycheck of more than $8,000 or 0.13 BTC at a price of $63,404 assuming residents did not vote to increase his compensation for public service. Suarez said that rather than the local government making the effort to convert his fiat paycheck into crypto, he preferred to use an app like Bitwage or Strike.

I’m going to take my next paycheck 100% in bitcoin…problem solved! @Sarasti can you help? https://t.co/v4YdPZ0tYc— Mayor Francis Suarez (@FrancisSuarez) November 2, 2021

The declaration came the morning of Election Day in the United States. Though many positions for federal office will not be open until the 2022 midterms, positions for local and statewide offices including the Mayor of Miami will be put to a vote. Suarez is the frontrunner among six nonpartisan candidates.

Mayor Suarez, who said he owns both BTC and Ether (ETH), has been vocal about his intentions to turn Miami into a crypto hub with the “the most progressive crypto laws” in the United States. Many businesses and events in the crypto space have flocked to the area, including the Bitcoin 2021 conference in June and venture capital firm Borderless Capital launching a $25-million fund to support blockchain startups based in the city.

A few mayors in other U.S. cities have also been pushing for crypto adoption or otherwise support digital assets in policy or practice. In August, Mayor Jayson Stewart of Cool Valley, Missouri proposed giving away more than $1 million in BTC to the city’s roughly 1,500 residents. Eric Adams, running to be the mayor of New York City, has also said he plans to make the city “the center of Bitcoins.” Adams is also on the ballot today.

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