Bitcoin rookie Miami mayor Francis Suarez remains loyal to the asset after the collapse of one of the world’s largest cryptocurrency exchanges shook confidence in the industry.
The mayor suggested that Bitcoin can still offer many advantages that the fiat currency system does not.
Can bitcoin replace the dollar?
During interview By CNBC on Friday, Suarez was asked if he thought regulators were responsible for allowing the FTX disaster to unfold and eventually explode. Some industry leaders, such as Coinbase CEO Brian Armstrong, have blamed a lack of regulatory clarity in the US for driving the industry into unregulated markets overseas.
However, Suarez chose not to point fingers.
“When people lose money, and things don’t go the way they expect, everyone wants to blame someone,” said the mayor. “We live in a capitalist country, where people risk capital. Sometimes it works for them, sometimes it doesn’t.”
Part of Suarez’s enthusiasm for bitcoin stems from a belief in its ability to spread free market principles around the world. In December 2021, it is claimed Bitcoin can “eliminate communism on the planet, free people and democratize their choices,” thanks to its immunity to monetary decline.
Some have even cited this characteristic when theorizing about how Bitcoin works dollar exchange – something Suarez’s interlocutor called a “ridiculous idea”. Although Suarez was reluctant to support the claim, he admitted that Bitcoin has advantages over the fiat currency system. These include the ability of the blockchain to create “efficient transactions” and help cross border transfers.
Suarez also mentioned the growing momentum in favor of digitizing the dollar through stablecoins – cryptocurrencies backed 1:1 by hard currency.
“A lot of this is media-driven,” Suarez said of the recent panic surrounding cryptocurrency and FTX. “Within 6 months, bitcoin could reach 30,000 or 40,000. Are you going to take me back and say ‘Mr. Mayor, are you so smart?
Bitcoin Initiative in Miami
Suarez found himself competing with New York Mayor Eric Adams in 2021 to prove which politician is more devoted to Bitcoin. after Suarez promised her Receive His next salary is in BTC, Adams more dangerous That he will receive his next three salaries in the top two cryptocurrencies.
Suarez later topped the newly elected mayor and promised to accept his position the entire salary in bitcoin.
At the Bitcoin Conference in Miami last April, Suarez announced his plans to Merge Bitcoin in “all aspects of society”.
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