Miami Mayor Still Receives Bitcoin Paychecks

Miami Mayor said that he is still receiving his paycheck in Bitcoin. Check out the latest reports about the issue below.

Miami Mayor Francisco Suarez said that he’s still receiving his paychecks in Bitcoin (BTC) despite the king crypto’s precipitous fall from all-time highs.

Suarez tells CNBC in a new interview that his BTC salary has “been a good investment.”

“You have to understand that I get paid every two weeks. So it’s not like I bought it all at [$60,000] and now it’s at [$20,000], so sometimes people misunderstand that you’re buying it every two weeks or you’re buying it in the fluctuations, so actually, since I bought it, or since I started taking my salary in Bitcoin, my salary’s actually up. So it’s actually been a good investment. Not that I’m trading on it.”

The Miami mayor first started accepting Bitcoin paychecks in late 2021 as you may recall.

During his recent CNBC interview, Suarez was also asked about his decision earlier this year to embrace the US arm of the now-bankrupt crypto exchange FTX. FTX.US announced in September that it was moving its headquarters from Chicago to Miami, a month and a half before it imploded.

According to the latest reports, the crypto analyst Kevin Svenson said recently that a bullish macro shift is happening now for Bitcoin.

“We are now breaking the largest falling wedge in Bitcoin’s history. It stems back from 2021 to 2022 to 2023… We are starting to break out. We’ve got to, of course, get some daily and weekly closes above this trendline, but this could be a major paradigm shift for the price of Bitcoin. And really, the most interesting part about this is if you take the falling wedge measurement for the target and you bring it over to the breakout zone, it exceeds $50,000.”