Bitcoin (BTC) still looks hot as it continues to move up after passing a small correction that hasn’t kept the market slack for too long.
The power of adoption and the role of institutional investors have laid the foundation for this major crypto, which is likely to continue to expand its presence in the community.
Recently, it was discovered that Francis Suarez, who has served as mayor of Miami since 2017, will receive his salary the following month in Bitcoin.
In Tuesday’s Twitter post, Suarez said he aims to become the first United States lawmaker at the state or federal level to receive his salary in full in Bitcoin (BTC).
Public records show the mayor of Miami’s salary was $97,000 per year between 2016 and 2017, meaning he would receive a monthly salary of more than $8,000 or 0.13 BTC at a price of $63,404, assuming residents do not choose to increase his compensation for public services.
Suarez said he would rather use apps like Bitwage or Strike than have local governments make efforts to convert his fiat paychecks into crypto.
The extraordinary announcement came on Election Day morning in the United States. Although many positions for federal office won’t open until the 2022 midterms, local and statewide offices, including the mayor of Miami, will vote. Suarez is at the forefront of the six nonpartisan candidates.
Mayor Suarez, who says he owns both BTC and Ether (ETH), has been vocal about his intention to turn Miami into a crypto hub with the “most progressive crypto laws” in the United States.
Several mayors in other US cities have also encouraged crypto adoption or endorsed digital assets in policy or practice. In August, Mayor Jayson Stewart of Cool Valley, Missouri proposed to give more than $1 million in BTC to about 1,500 city residents.
Eric Adams, who is running for mayor of New York City, also said he plans to make the city a “Bitcoin hub.” Adams also took part in the vote on November 2.