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Miami mayor Francis Suarez holds BTC and ETH, and he’s ‘planning to’ buy the dip

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Miami mayor Francis Suarez holds BTC and ETH, he revealed during an interview with business outlet CNBC today.

“I own BTC and I own ETH,” Suarez said. He added, “I haven’t bought the dip yet but I’m planning to. I’ve just been too busy.”

The mayor, in the interview, revealed he had purchased BTC in the “high 30s” and ETH when it hovered around $1,500. This means both his investments are in profit (and were over 100% and 300% in profit respectively at their peak).

Suarez said he bought both the cryptocurrencies when the United States Senate passed the $1.9-trillion stimulus bill in March. “I knew at that point that inflation was inevitable and that there had to be some sort of a hedge,” he said in this regard.

Inflation leading to crypto

The sentiment is similar to those shared by institutional traders and technology entrepreneurs alike. 

Over the past year, companies like MicroStrategy and Tesla have picked up billions of dollars worth of BTC from their treasury funds, citing massive money printing and fears of overinflation as major reasons.

Others like Stanley Druckenmiller have jumped on the BTC train recently, citing similar arguments.

“When we did the CARES act, Chairman Powell started crossing all sorts of red lines in terms of what the Fed[eral Reserve] would do and wouldn’t do,” said Druckenmiller in a recent interview.

He added, “The problem was Jay Powell and the world’s central bankers going nuts and making fiat money even more questionable than it already has been when I used to own gold.”

Meanwhile, Suarez is one of the few political figures to turn a friendly hand towards cryptocurrencies and plan future developments for the growing market. Last year—he even embraced the ‘laser eyes’ meme—Suarez said he was exploring the possibility of people in Miami paying there in crypto.

He even considered buying BTC for the city treasury back in December, receiving mostly favorable comments for his statement at the time.

The post Miami mayor Francis Suarez holds BTC and ETH, and he’s ‘planning to’ buy the dip appeared first on CryptoSlate.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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