During his recent interview with CNBC, Miami Mayor Francis Suarez revealed he is holding his own stash of the two top cryptocurrencies by market capitalization, bitcoin, and ethereum.
During a speaking engagement, the public official said, “I own bitcoin and I own Ethereum. I haven’t bought the dip yet but I’m planning to. I’ve just been too busy.”
The mayor also shared he had purchased bitcoin in the “high 30s” while his holdings of ethereum were bought when the crypto hovered around $1,500. This meant that both investments were profitable and over 100% and 300%, respectively, during their peaks.
Inflation worries lead to crypto
Suarez later said he bought his crypto holdings when the U.S. Senate passed the $1.9 trillion stimulus bill last March, saying he knew inflation was inevitable and that “there had to be some sort of a hedge,” referring to cryptocurrencies.
Institutional traders and technology entrepreneurs share the same sentiment as the Miami mayor has recently made headlines by publicly saying he wants his city to become a crypto hub.
Over the past year, companies such as MicroStrategy and Tesla have amassed billions of dollars worth of bitcoin using their treasury funds. These companies have cited the possibility of money printing and fears of over-inflation as the main reasons for their purchase of digital currencies.
A friendly hand towards crypto
The Miami mayor is one of the few political figures who extended a friendly hand towards the nascent asset class. Suarez is also planning future developments for the growing market.
Last year, in a full display of support for bitcoin, the official embraced the “laser eyes” meme on Twitter and admitted he was exploring the possibility of people in Miami paying in crypto.
Back in December last year, Suarez revealed plans of buying bitcoin for the City Treasury, a move that elicited favorable comments at that time.
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