Miami’s Mayor Francis Suarez has resorted to taking his next paycheck fully in Bitcoin, which makes him the first US politician to do so.
The pro-Bitcoin mayor has been making efforts to integrate Bitcoin into the operations of his city. And he made his intention to convert 100% of his next paycheck into Bitcoin known on Twitter. The announcement comes after Suarez said last month that he’s working on a plan that would allow Miami to pay city workers in BTC. SEE ALSO Miami Mayor Francis Suarez is pushing the famous Florida hub “to be a very ‘crypto-forward’ city”. Miami is considering paying salaries in Bitcoin. The move would also allow Miami residents to pay fees in BTC. He previously said, and even taxes if the county signs off.
Outside of the city government, Miami and Florida have become a crypto hotspot. Crypto exchange FTX recently purchased naming rights to the former American Airlines Arena in Miami. The NFL team Miami Dolphins have also worked with crypto by partnering with Litecoin and accepting crypto payments.
According to the US government public records, Miami Mayor’s annual salary is $97,000. It means that he would receive almost $8,000 worth in BTC on his next paycheck (around 0.13 BTC as of press time). In other posts, Mayor Suarez said that he prefers to rely on apps like Bitwage or Strike. The reason is to convert his fiat into crypto rather than having the local government do it so.
However, the real watershed moment comes when employers pay employees directly in Bitcoin. While Suarez will get his next paycheck in Bitcoin, this is still actioned after he gets paid in dollars.
It is no surprise that politicians in the US at all levels are becoming more involved in advocacy for Bitcoin adoption. This situation may lead to the enactment of more favorable laws to regulate the industry.