Francisco Suarez revealed that now he is making passive income with his Bitcoin salary.
Francis Suarez is the Mayor Mayor of Miami and in 2021 he promised to accept his salary in Bitcoin in return to get voter support for the Miami citizens. He also won the election and he is accepting his salary in Bitcoin. Here Suarez not only grabbed support from the citizens on behalf of Bitcoin-friendly promises but also passed many Bitcoin supportive statements after winning the election as a Bitcoin proponent. In short, we can say Miami has a Bitcoin pro Mayor.
On 20 Jan 2023, Francis Suarez appeared in an interview with CNBC TV, and in the whole interview he explained how he is making a profit with his Bitcoin salary.
The Miami Mayor said that he receives his salary every two weeks, instead of getting all his salary at once. In short, he never purchased Bitcoin at a $60k price at once, instead purchased in the $60 to $20k range.
“Sometimes people misunderstand that you’re buying it every two weeks or you’re buying it in the fluctuations, so, since I bought it, or since I started taking my salary in Bitcoin, my salary’s up.”
In this way, Mr. Francis confirmed that he is enjoying his profit & also trading with Bitcoin holdings.
Further Miami Mayor talked about FTX exchange bankruptcy and said that it was a failure of the government regulation on the Crypto companies to restrict the potential ability of the crypto companies over customer fund misuse.
FTX was a popular Crypto exchange but filed for bankruptcy along with 100s of its affiliated companies. FTXUS was one of the subsidiaries of the FTX exchange, which was providing services in the United States.
Around a couple of months before bankruptcy, FTXUS announced their decision to shift the FTXUS headquarters to Miami.