Francis Suarez is the 43rd mayor of Miami and the first vice president of the United States Conference of Mayors. Suarez began his mayoral duties in 2009 and has been reelected every term since.
Suarez spent his 2021 pushing for Miami to be the Bitcoin capital of the world, announcing initiatives to pay workers in Bitcoin and becoming the first U.S. lawmaker to accept his own salary in the digital asset. Suarez also revealed a Miami-centric cryptocurrency, and his dedication to the crypto cause has inspired other U.S. leaders to follow suit.
In February, Suarez announced his intention to make Miami the world’s cryptocurrency hub. The Mayor’s proposal included Miami paying its municipal workers in Bitcoin and the city accepting taxes in the form of Bitcoin. While the prospect was still in development in late 2021, Suarez didn’t stop there.
In March, the Miami Heat NBA Stadium, known since 1999 as the American Airlines Arena, was renamed to FTX Arena after the exchange acquired naming rights. Such a move was no doubt due to Suarez’s crypto-friendly position.
A few months later, the mayor revealed MiamiCoin (MIA), a cryptocurrency built in partnership with the CityCoins movement. MIA is an asset powered by the Stacks protocol, enabling users to mine and invest in it.
MIA miners mint tokens and earn rewards in Bitcoin for their efforts, supporting the city while also profiting themselves. Thirty percent of the mined currency will go toward the city of Miami, with the rest sent to the users. The program allegedly brought in over $30 million in revenue in the months after its inception.
Suarez believes this revenue can replace taxes and fundraising, with Miami using these funds instead to initiate city programs. Developers can also build decentralized applications powered by MIA.
In November, Suarez tweeted that he would receive his next paycheck “100% in Bitcoin,” responding to Anthony Pompliano’s tweet reading, “It is time. Who is going to be the first American politician to accept their salary in Bitcoin?” The payment will be made via Strike, a Bitcoin-to-fiat conversion platform.
That same month, the city revealed it would provide all Miami residents with Bitcoin wallets and as well as dividends in Bitcoin, received from those staking MiamiCoin.
In December, Suarez revealed he would accept part of his 401k payments in Bitcoin starting in 2022. While he appeared unsure of how exactly that process would work, the mayor is confident he’ll find a way.
Regarding wallet implementation for Miami residents, the city’s administration has yet to decide on how to decipher which wallets belong to which people, but one can expect this solution to develop throughout 2022. Miami was home to the first post-COVID global Bitcoin conference, Bitcoin 21, of which Suarez will hold and support a 2022 iteration as well.
Suarez will also spend 2022 ensuring other citizens can take their retirement payments in Bitcoin. Thanks to the mayor’s dedication to crypto development, crypto-centric startups have fled to Miami, including Blockchain.com and eToro. It’s likely that as Suarez makes it easier for citizens to acquire crypto, more startups will make their move to the Magic City.
The mayor also believes the United States’ next president, running in 2024, should be pro-crypto and that he may consider the position himself. Should this be the case, 2022 will serve as a pivotal year for Suarez as the world observes how his crypto decisions play out.
Law & Politics
