The Mayor of Miami bought Bitcoin after Congress passed a $ 1.9 trillion stimulus package

Francis Suarez, the mayor of the crypto-friendly city of Miami may have further cemented his status as a proponent of cryptocurrency.

Appearance on the CNBC Squawk Box Show, Su Surez uncovered own both Bitcoin (BTC) and Ether (ETH).

According to Su¡rez, he bought BTC and ETH immediately after the U.S. Senate passed the $ 1.9 trillion stimulus package to further alleviate COVID-19 in early March.

The Mayor of Miami bought Bitcoin after Congress passed a $ 1.9 trillion stimulus package
The Mayor of Miami bought Bitcoin after Congress passed a $ 1.9 trillion stimulus package

For Su¡rez, the passage of the bill made inflation inevitable. “I knew then that inflation was inevitable and that there had to be some kind of hedge.”

Massive public spending to stimulate economic recovery continues to fuel inflation, and fears of currency deterioration add credibility to Bitcoin’s viability as a hedge.

At the time of the adoption of the stimulus package Bitcoin topped $ 54,000 along the way to hit its current all-time high of over $ 64,000. BTC, along with the cryptocurrency market, saw significant losses in May, with token prices falling nearly 50% across the board.

Su¡rez said he was unable to take advantage of the current decline, adding:

â € œI havenâ € ™ t bought the drop yet, but I intend to. I was just too busy; I’ve worked too hard. “

Miami is also fast becoming a major cryptocurrency hub in the United States, with venture capital firm Borderless Capital announcing a $ 25 million fund for urban startups.

From nightclubs to tax payments, Crypto adoption seems to be growing significantly across the city, with the mayor even calling for progressive crypto laws in February.

Miami’s footprint in the cryptocurrency landscape appears poised for another boost as the city hosts the Bitcoin 2021 conference. Congressmen, CEOs, celebrities, and cryptographers are among the more than 50,000 crypto-worshipers who will grace the event.

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