Francis Suarez, the mayor of Miami, says he remains enamored with bitcoin and is unconcerned by the recent price declines.
Francis Suarez maintains that Bitcoin is the Future.
Bitcoin is the leading digital currency in terms of market capitalization. In November of last year, the asset’s price soared to an astounding $68,000 per unit, but it is now struggling to maintain a low $20K position. In what has been arguably one of the worst periods for the coin in its 13-year history, the currency has lost more than 70 percent of its total value.
But Suarez remains unmoved. In fact, he continues to promote the asset publicly and says he would like to be a part of a new initiative to promote crypto education and adoption through his position as mayor. In a recent interview, Suarez made the following observation:
Informing policymakers on how to extract value from
Educating policymakers on how to derive value from this technology will play a crucial role in making it more pervasive in our daily lives. The citizens of the United States must have faith in their leaders’ capacity to comprehend this highly transformative technology.
Not long ago, Suarez made a virtual appearance at the World Digital Mining Summit. While he couldn’t appear in person due to a scheduling conflict, he posted a video of himself to welcome all the attendees, many of whom came from varying parts of the world to celebrate the growing digital currency mining sector and the power that has come with the extraction process. The event was organized by Bitmain, a crypto mining hardware manufacturer.
Suarez stated in the video,
Digital currency offers us all the opportunity to create a prosperous generation for our children and their children. While other cities and countries attack cryptocurrency, mining, and new web3 technology, Miami has chosen to embrace it, welcome its engineers and entrepreneurs, and champion the digital revolution for all who seek a free, just, and prosperous future.
Other speakers at the event included Mike Levitt, the chief executive officer of the publicly traded cryptocurrency mining company Core Scientific. During a speech, he stated that he believes the current bear market will result in numerous positive industry changes. In addition, he anticipates numerous new profit opportunities in the coming months. He said:
We are constructing a business model that we believe will endure over time. Everyone in this room believes that this is a very long-term endeavor. It merely possesses some short-term volatility.
Miami Coin Has Disintegrated
Suarez also discussed Miami Coin’s failure, asserting:
As previously stated, innovation isn’t always successful, and unfortunately, Miami Coin hasn’t been as promising as it first appeared. However, I take great pride in the fact that we used the money we did earn to provide Miami residents with immediate rent relief.