Miami Mayor to receive part of 401k in Bitcoin

Self-proclaimed Bitcoin enthusiast and mayor of Miami Francis Suarez confirmed he intends to take part of his 401(k) in Bitcoin.

The announcement comes less than a month after he confirmed that he would be receiving his salary in Bitcoin.

In an interview with Real Vision, Suarez said his decision was a personal choice.

“I just think it is a good asset to be invested in,” the mayor said. “I think it’s one that’s obviously going to appreciate over time. It’s one that I believe in.”

Suarez also spoke of his confidence in the Bitcoin network, which he described as an “open-source, un-manipulatable system”.

Suarez is using Strike, the third-party payment processor, to receive his salary payments in Bitcoin.

The mayor also revealed that the city government accepts fee payment in Bitcoin from Miami residents.

While the Mayor looks into the various ways to allow Bitcoin payments for retirement savings, Suarez intends to establish a relevant system by 2022.

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