News JVTech He chose to receive his salary in Bitcoin. The deal of the century!
Published on 01/24/2023 at 15:40
To share :
In the middle of the crypto winter, this man had a taste for risk by choosing to receive part of his salary in Bitcoin (BTC). Against all odds, the result of this decision after about two years of experimentation may surprise many.
A salary in bitcoin
Despite the bearish context around cryptocurrencies in recent months, Bitcoin aficionados continue to believe in the first crypto at all costs and adopt it in their everyday lives. This is the case of the mayor of Miami, Francis Suarez, who still receives a significant part of his salary in Bitcoins. Precisely, in 2021, the politician had deliberately chosen to receive his salary every two weeks in BTC.
Originally, this move came as Bitcoin was experiencing a significant rise in price. Almost two years after this experience, the value of Bitcoin has largely been reduced.
As a reminder, Bitcoin saw its price drop from €56,000 (at its high on November 12, 2021) to €21,000 today. Thus, one wonders if the experience was really worth it.
An unexpected result despite the price of bitcoin
During an interview for the CNBC channel, the mayor of Miami himself proudly took stock of this unprecedented experiment. Francis X. Suarez, first revealed that he continued to receive part of his salary in BTC. Furthermore, he indicated that it increased by 25% despite the drop in the price of Bitcoin.
“Since I bought it, or since I started taking my salary in Bitcoin, my salary has actually increased. So it’s a good investment.” says Francis Suarez, the mayor of Miami.
It was not a foregone conclusion, especially since several people had warned the politician about the volatility of Bitcoin. Nevertheless, it would seem that the mayor has miraculously been spared bitcoin’s bearish movements during the year 2022:
“You have to understand that I get paid every two weeks. So it’s not like I bought everything at $60,000 and now it’s $20,000, so sometimes people misunderstand you. buy every two weeks or buy it on the fly,” he explains.
The mayor’s enthusiasm for bitcoin is a reflection of his city. Indeed, the Miami agglomeration has become in a way “web 3 friendly”, driven by several measures in this direction in recent years. Among these: the purchase of Bitcoin for the city or the payment of local taxes in Bitcoin.
In addition, it encourages crypto companies to come and settle in the city to make Miami: the Cryptocurrency Hub in the United States.
Other American politicians are seduced by his ideas. For example, Eric Adams, the mayor of New York, had also chosen to receive his first three salaries in Bitcoins.