Block Chain

Miami Mayor Francis Suarez to Take Part of his 401K Retirement Funds in Bitcoin

Miami Mayor Francis Suarez has doubled down once more on his love for Bitcoin (BTC) in an interview with Real Vision, promising that he plans to take a component of his 401K retirement financial savings fund in the digital foreign money. 

“It’s a personal choice,” Suarez instructed Real Vision Managing Editor Samuel Burke. “I just think it is a good asset to be invested in. I think it’s one that’s obviously going to appreciate over time. It’s one that I believe in.” 

Suarez has already commenced plans to take the funds in Bitcoin, a transfer that will probably be largely complementary to his earlier transfer to take a component of his wage in BTC. From his stance with Samuel Burke, the receipt of the retirement funds in Bitcoin is billed to begin as early as 2022 as Suarez replied “Oh yeah! Definitely,” to a query that sought to know if the transfer will begin subsequent yr.

Bitcoin shouldn’t be in place for the time being because the digital foreign money has slumped by over 25% in the previous month. Suarez mentioned that his confidence in the digital foreign money and its underlying blockchain is unwavering regardless of this dangerous price outlook.

“Blockchain has succeeded so well because people have confidence in it,” Suarez mentioned. “They have confidence in it because they see that it’s an open-source and an un-manipulatable system. And I think that is the source of the popularity and why it’s done so well.”

The curiosity in Bitcoin has pushed the Miami Mayor to introduce some revolutionary applications which might be hinged on engrafting blockchain expertise in the town. The mayor launched the Miami Coin undertaking earlier this yr, via which it hopes to distribute Bitcoin Yield to residents. An further forward-thinking transfer is that the town residents can obtain their remunerations in Bitcoin, a pioneering transfer in the United States.

Miami and its re-elected mayor are undoubtedly drive serving to to push the adoption of digital currencies and blockchain expertise into the mainstream.

Image supply: Shutterstock

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