Miami Mayor Plans To Receive His 401k Retirement Savings in Bitcoin

Miami Mayor, Francis Suarez revealed plans to receive part of his 401k retirement savings in Bitcoin (BTC). He made this announcement a few days after he became the first US lawmaker accepting part of his salary in BTC – powered by a third-party payment processor, Strike.

Suarez said that he doesn’t plan to do this just for fame or to hype Bitcoin in any way. Instead, he plans to eventually take part of his retirement savings in BTC based on his “personal choice” with no influence from anyone.

I just think it is a good asset to be invested in. I think it’s going to appreciate over time. It’s one that I believe in.

Even today, the Miami government accepts free payment in BTC from its residents, according to him. This is one of the explosive things that the city is doing all in the name of embracing digital innovations in the country, particularly Bitcoin.

Additionally, he again highlighted that all the victory and the success of Bitcoin is tied to the confidence of its blockchain system. More especially, it has an open-source nature and an un-manipulated system. With the likes of Bitcoin, Mayor Suarez is very certain to establish a relevant system in the coming year.

Interestingly, the Mayor has pledged to give Bitcoin yield as a dividend to every eligible Miami resident.

He said,

We’re going to create digital wallets for our residents. And we’re going to give them Bitcoin directly from the yield of MiamiCoin.

The prime motive behind the Suarez bitcoin’s giveaway is to drive huge adoption to transform BTC’s presence in the county.