Miami longtime mayor Francis Suarez has now announced plans to take part of his 401 (k) payment in Bitcoin (BTC) just a month after he started receiving a salary in BTC.
Shortly after becoming the first U.S. lawmaker to accept part of his salary in Bitcoin, Suarez wants to dedicate part of his retirement savings to Bitcoin on the basis of “personal choice,” he said in interview with Real Vision:
“I just think it’s a good asset to be invested. I think it’s one that will obviously appreciate over time. It’s one I believe in. “
Suarez stressed that Bitcoin’s success is strongly tied to the confidence in the system, which is essentially an “open source, unmanageable system”. The mayor revealed that he started receiving salary payments in Bitcoin with the help of a third-party payment processor Strike.
The mayor also disclosed that the city government is accepting a Bitcoin fee payment from Miami residents. While the Mayor is exploring the various options for enabling Bitcoin payments for retirement savings, Suarez is sure to set up such a system by 2022.
Thank you, Governor DeSantis for following Miami’s leadership and welcoming crypto innovation and companies into Florida!
Now is your chance to take the lead as Governor and take your next paycheck in Bitcoin … @RonDeSantisFL you in? https://t.co/Zppp8DCiMe
– Mayor Francis Suarez (@FrancisSuarez) December 9, 2021
Related: Miami will distribute free Bitcoin to residents from city currency profits
In an effort to further drive the Bitcoin adoption of Miami, Mayor Suarez announced on November 12 to give Bitcoin a return as a dividend directly to every eligible Miami resident.
As Cointelegraph reported, the city of Miami will share the BTC yields earned by playing its internal cryptocurrency, MiamiCoin, which was initially launched by Citycoins to fund municipal projects by generating yields. To turn the city into a major crypto hub, Suarez said:
“We will create digital wallets for our residents. And we’ll give them Bitcoin straight from MiamiCoin’s performance. “