- Miami Mayor and GOP presidential contender, Francis Suarez, commits to accepting Bitcoin as part of his presidential salary.
- Suarez is among a growing list of presidential candidates expressing their stance on cryptocurrencies.
Leading the Crypto Charge in Political Circles
Miami Mayor Francis Suarez, an aspiring GOP presidential candidate, has once again demonstrated his unwavering support for cryptocurrencies, specifically Bitcoin (BTC). In a recent podcast, Suarez confirmed he currently receives a portion of his mayoral compensation in Bitcoin. Further, should his presidential ambitions materialize, he’s poised to continue this trend.
For Suarez, supporting cryptocurrencies, especially Bitcoin, goes beyond mere financial interest. He perceives digital currencies as critical instruments for preserving freedom in an era where the monetary system is increasingly politicized and prone to disruptions. In his words, cryptos offer
“a good hedge and a balance against a monetary system that’s veered off course and grown overtly political.”
Suarez’s advocacy for decentralized finance isn’t limited to Bitcoin. He touched upon the transformative potential of blockchain technology and the revolutionary concept of fractionalized investments. Tokenization, as he explained, democratizes access to debt and stock markets. By facilitating participation in fractionalized assets, a larger demographic can potentially bridge the wealth disparity and cultivate a financial landscape with diminished risks.
Crypto Conversations in the Presidential Arena
Cryptocurrencies have permeated political dialogues, especially within the realm of US presidential campaigns. While prominent figures like incumbent Joe Biden and ex-president Donald Trump have expressed reservations – even dubbing digital currencies as “a disaster in the making” – others like Suarez are fervently embracing the crypto wave.
I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….
— Donald J. Trump (@realDonaldTrump) July 12, 2019
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Illustrating his commitment, Suarez revealed his openness to accept campaign donations in Bitcoin. This move resonates with the decisions of other presidential hopefuls, including Robert Kennedy Jr., Ron DeSantis, and Vivek Ramaswamy. Ramaswamy, for instance, underscored his belief that Bitcoin shouldn’t be stringently regulated, even advocating for Bitcoin campaign contributions during the Bitcoin 2023 summit.
Cryptocurrencies, led by bitcoin, along with other crypto technologies are a major innovation engine. It is a mistake for the U.S. government to hobble the industry and drive innovation elsewhere. Biden’s proposed 30% tax on cryptocurrency mining is a bad idea. 🧵
— Robert F. Kennedy Jr (@RobertKennedyJr) May 3, 2023
Robert F. Kennedy Jr. also iterated support for the crypto sector, cautioning against crippling the burgeoning industry through policies like the proposed exorbitant tax on cryptocurrency mining. Meanwhile, Florida’s Governor and notable GOP contender, Ron DeSantis, actively endorses Bitcoin rights for Americans. However, Suarez, in his characteristic candor, believes DeSantis’s stand against Central Bank Digital Currencies (CBDCs) is simplistic, emphasizing the need for a comprehensive perspective on digital currency regulations.
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