Despite FTX’s Collapse, Miami’s Mayor is Still a Bitcoin Believer

Despite FTX’s Collapse, Miami’s Mayor is Still a Bitcoin Believer
Adoption & Regulations
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Bitcoin-bullish mayor of Miami, Francis Suarez, remains loyal to the trump card after the collapse of one of the world's largest crypto trades shaken confidence in the industry. 

The mayor suggested that bitcoin can always provide many advantages not offered by the fiduciary currency system. 

Could bitcoin be a substitute for the dollar?

During an interview with CNBC on Friday, Suarez was asked if he believed regulators were to blame for allowing the FTX catastrophe to develop and eventually explode. Certain industry leaders, such as COINBASE CEO Brian Armstrong, have blamed a lack of regulatory clarity in the U.S. for driving the industry to unregulated markets overseas.

Suarez, however, chose to refrain from pointing fingers. 

"When people are losing money, and things aren't going as planned, everybody wants to blame somebody," the mayor said. We live in a capitalist country, where people put their capital on the line. Sometimes they get it, sometimes they don't."

Some of Suarez's enthusiasm around Bitcoin's belief in its potential to spread the principles of the free market throughout the world. In December 2021, he claimed Bitcoin could “eradicate COMMUNISM on the planet, liberate people and democratize their choices,” thanks to its immunity to monetary debasement. 

Some have even cited this quality when theorizing about how Bitcoin could replace the dollar – something Suarez’s interviewer called a “ridiculous notion.” Although Suarez was hesitant to support this claim, he recognized Bitcoin for having advantages over the fiduciary money system. Those include the blockchain’s ability to create “efficient transactions,” and aid in cross-border remittances

Suarez also highlighted the increasing momentum for the digitisation of the dollar using stable currencies – from 1:1 cryptocurrencies to hard currencies. 

"Much of this is the media," said suarez about the recent panic surrounding crypto and ftx. "maybe six months from now, Bitcoin is at 30,000, or 40,000. Will you pick me up and say: Mayor, are you super intelligent?’

Bitcoin Initiatives from Miami.

Suarez competed with New York Mayor Eric Adams in 2021 to prove which politician was the most committed to Bitcoin. After Suarez promised to receive his next paycheck in BTC, Adams announced that he’d receive his following three paychecks in the top two cryptocurrencies. 

Suarez later topped the then-newly elected mayor, promising to accept his entire salary in Bitcoin. 

At Miami’s Bitcoin conference in April of last year, Suarez voiced plans to integrate Bitcoin into “every aspect of society.”