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.
Miami Mayor Francis Suarez announced plans to use #Bitcoin as part of his #401K retirement savings, a month after he began receiving #Bitcoin paychecks. The mayor also revealed. By 2022, the city will definitely have a system in place for this.— Caicai Alice (@Caicai12081025) December 11, 2021
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”.
Ok Bitcoin critic, what’s your alternative?— Alex Gladstein 🌋 ⚡ (@gladstein) November 30, 2021
🌍 Works anywhere
⚡ Teleports instantly
🚫 No corporate control
📈 Increases user purchasing power
🔐 Easy/cheap to audit/self-custody/transact/verify
♻️ Runs on ☀️ 🌊 ☢️ 🌋
We’ll wait ⏳
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.
Thank you Governor DeSantis for following Miami’s lead and welcoming crypto innovation and companies into Florida!— Mayor Francis Suarez (@FrancisSuarez) December 9, 2021
Now it’s your chance to take the lead as Governor and take your next paycheck in Bitcoin… @RonDeSantisFL you in? https://t.co/Zppp8DCiMe