Miami Mayor Suarez Commits To Take His Next Salary Entirely In Bitcoin
Miami mayor Francis Suarez is planning to take his next salary “100% in Bitcoin,” he announced on Twitter.
In a Tuesday Twitter post, Suarez said he plans to be the first United States lawmaker at the state or federal level to accept part of his salary in Bitcoin (BTC).
Suarez called on Chief Information Officer Mike Sarasti to help set up the payment. It is unclear whether Sarasti himself will accept Bitcoin.
According to public records 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 also said that he would prefer to use an app like Bitwage or Strike rather than have the local government go through the effort to convert his fiat paycheck into crypto.
The decision is part of a larger opportunity available to all of Miami’s municipal workers. In October, Suarez announced a plan that would allow city workers to accept their paychecks in Bitcoin. At that time, he called allowing workers to accept Bitcoin “a major priority,” adding that he wants to “differentiate [Miami] as a crypto capital.”
The proposal could also allow residents of Miami to have the option of paying municipal fees and taxes by spending Bitcoin, if that plan is allowed by county regulators and authorities.
Suarez additionally wants to see the city hold Bitcoin on its balance sheet, though this is not currently allowed in Florida cities.
Crypto In Miami
Suarez previously helped the city launch its own cryptocurrency, MiamiCoin. The custom token was the first cryptocurrency to launch in partnership with the open protocol CityCoins.
Outside of city government, Miami and Florida have become a crypto hotspot. Crypto exchange FTX recently purchased naming rights to the former American Airlines Arena in Miami.
The NFL team Miami Dolphins have also worked with crypto by partnering with Litecoin and accepting crypto payments.
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 on November 2.
