Reelected Miami mayor to take 401k retirement savings partly in Bitcoin

Just one month after starting to receive salary in Bitcoin, the long-standing mayor for Miami Francis Suarez announced that he will be taking part in his 401(k), Bitcoin (BTC), payout.

Soon after accepting a portion of his US lawmaker’s salary in Bitcoin, Suarez said that he plans to devote a portion of his retirement savings to Bitcoin. This was “a personal choice” he stated in an interview with Real Vision.

It is an asset that I believe should be invested. It’s a good investment that will appreciate over time. It is one I believe in.”

Suarez stated that Bitcoin’s success was closely tied to its confidence, which is inherent in an “open-source and un-manipulatable” system. Strike, a third-party payment processor, helped the mayor to start receiving his salary in Bitcoin.

Mayor Suarez also stated that fees in Bitcoin are accepted by the city government. The Mayor is still exploring the options to enable Bitcoin payments for retirement savings. Suarez however, is certain to create a suitable system by 2022.

Thank you Governor DeSantis, for following Miami’s lead to welcome crypto innovation and companies to Florida! You now have the chance to be Governor of Florida and receive your next paycheck in Bitcoin! @RonDeSantisFL
— Mayor Francis Suarez (@FrancisSuarez) December 9, 2021

Related: Miami will give away free Bitcoin from city profits to residents

To encourage Miami’s Bitcoin adoption drive further, Mayor Suarez announced that on November 12, he would give a Bitcoin dividend to all eligible Miami residents.

Cointelegraph reported that Miami will split and distribute BTC yields earned by residents by staking its own cryptocurrency, MiamiCoin. This was originally launched by Citycoins in order to fund municipal projects through the generation of yield. Suarez stated that the goal is to make Miami a major cryptocurrency hub.

“We are going to create digital wallets” for our residents. We’ll give them Bitcoin directly using the MiamiCoin yield.