Francis Suarez, returned to office as mayor of Miami following a recent election, announced during the first week of November that he would be receiving part of his salary in bitcoin through the payment processor Strike. In a news announcement made just a month after he started receiving salary in Bitcoin (BTC), Miami’s long-time mayor Francis Suarez declared that he will take some of his 401(k) payouts in Bitcoin (BTC).
In terms of Bitcoin adoption, Miami is already well advanced. As a matter of fact, Suarez’s trust in Bitcoin is founded on the fact that it is open source software that can’t easily be manipulated. Despite the fact that whales can manipulate the markets, the fundamentals remain intact. It was for this very reason that he began accepting his salary in Bitcoin in order to show that he supported it.
Thank you Governor DeSantis for following Miami’s lead and welcoming crypto innovation and companies into Florida!
— Mayor Francis Suarez (@FrancisSuarez) December 9, 2021
Now it’s your chance to take the lead as Governor and take your next paycheck in Bitcoin… @RonDeSantisFL you in? https://t.co/Zppp8DCiMe
In addition, the city has made it possible for its residents to pay their utility bills using Bitcoin. This all shows that he’s an innovator and believes that Bitcoin as an asset will become a mainstream asset in the near future. Evidently, the city is actually giving its residents dividends from Bitcoin yields. Therefore, the mayor is planning to include it in the 401k retirement savings program.
There are many retirement options in the US, but this is one of the most famous. There are a number of mutual funds and assets that can be invested in this product. This allows an individual to place a part of their salary up to an annual limit. Individuals who choose to invest in this plan are also able to earn tax benefits. Therefore, it is obvious that the 401(k) plan reaches the majority of the working population in the United States. This is the reason why introducing Bitcoin to this may become a model for other states to emulate.
However, due to the risks and volatility involved in Bitcoin transactions, only a small portion of it will be done that way. There is no point in having people not be able to get their retirement funds in a bear market if we are in the midst of one. Yet it still makes sense to have a small part. That will still be much better than nothing at all.
