• Sun. May 19th, 2024

Miami Mayor Wants to Take his 401K Retirement Savings in Bitcoin

Hassan Mehmood

ByHassan Mehmood

Jan 24, 2022

The mayor of Miami, Francis Suarez, has a reputation for being pro-crypto as he has previously acknowledged on multiple platforms that cryptocurrency is the way of the future. He, at some point during his reign, has even wished to make Miami a central platform of decentralization. It was previously disclosed by various news sources that mayor Francis Suarez receives part of his salary in Bitcoin and that it was his decision and he is using a third-party payment processor by the name of Strike.

After seeing the success of the crypto transition in Miami, many other states of America, such as Texas, are also becoming pro-crypto, and many different projects are being announced on both sides, which will primarily focus on decentralization and making prominent crypto part of their culture and financial standing. Another announcement comes from Francis Suarez, as he has shown the will to accept part of his 401K payout in the form of Bitcoin. He says that it is a personal choice and is not forced upon by any other individual or the state.

Francis Suarez Completely Backs Bitcoin in Every Aspect

Surely he must have seen some potential in Bitcoin and his experience from receiving past payments in crypto so that he has made up his mind of party cashing his retirement savings in Bitcoin as well. He believes that Bitcoin is a very nurturing asset to invest in, and people would start appreciating it more when time passes, and it would become a central piece for various financial organizations out there.

He believes that the sole reason for such an outstanding success behind Bitcoin is the platform being open source and free from any outside manipulation. It is the decentralization, according to Francis Suarez, that is taking Bitcoin to further heights. In another announcement, it was made clear that the state would also be keen to accept fee payments from the Miami residents in Bitcoin. In a way, the state is going pro-crypto and is leaving the footprints for other states to follow. There are also talks of digital wallets that will be backed up by the state, and all the residents of Miami will be able to use them; this is definitely a step towards decentralization.

Hassan Mehmood

Hassan Mehmood

Hassan Mehmood, a valued writer at Big Trends Signals, uses his profound online trading expertise to produce in-depth guides and unbiased reviews, enabling traders to navigate digital marketplaces efficiently.

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