Francis Suarez – the mayor of Miami – believes bitcoin is the most peaceful revolution of our times. He added that some of its most considerable merits are the ability to “eradicate” communism, the “incredible power to liberate people,” and the potential to democratize their choices.
Francis Xavier Suarez – Miami’s mayor since 2017 – is undoubtfully a keen advocate of the cryptocurrency industry and, more specifically, bitcoin. Apart from being a holder, he recently announced he will receive his paycheck entirely in BTC.
During a recent episode of “What Bitcoin Did” whit Peter McCormack, Suarez explained why the primary digital asset is so important and how it can help the economy in the ongoing financial crisis.
He said bitcoin’s most significant advantage is its ability to create a system of exchange where people are not subjected to the “wild inflation and wild devaluation through oftentimes corrupt actors.”
As such, it is no wonder that several countries in Central America, South America, and Africa are considering adopting the asset as legal tender, Suarez noted.
“Bitcoin has an incredible power to peacefully eradicate communism on the planet, liberate people and democratize their choices,” he concluded.
Another major opportunity that the cryptocurrency grants to humanity is the ability to have a “right to get a return.” Today’s financial system is in total chaos, caused mainly because of the speeding inflation, the mayor pointed out. In fact, he doubted that the current rate in the USA is somewhere between 6% and 7% and opined that it could be in the range of 10-15%.
This means that if people put their money in a bank account, they will get zero interest, and in one year, those funds will be worth less. Having that said, investors should allocate at least some of their funds in bitcoin since it is a hedge against inflation, Suarez explained.
Many other prominent names, including Paul Tudor Jones, Anthony Scaramucci, and Jordan Peterson, support the mayor’s thesis.
Bitcoin Will Create Fiscal Discipline
Suarez continued by saying that BTC does not represent a threat to politicians. Regardless of the political views, all leaders should embrace the asset and thus “bring balance to their economy.” In his view, BTC could create fiscal discipline as governments cannot print more of it and cannot corrupt it like fiat currencies.
Throughout the years, the USA has employed various resources to stay on top. The nation has also always strived to create financial benefits for the rest of the world. Nowadays, it has to open its arms towards bitcoin to continue its agenda, he opined.
‘China Has Done Us a Huge Favor’
Subsequently, Suarez touched upon the total ban on bitcoin mining which China imposed earlier this year. He sees this as expected since the most-populated country has a communist government, which wants to be in charge of everything.
However, by doing so, China has done a “huge favor” for the States, Suarez stated. He explained that BTC mining creates job opportunities as many companies in that field are located in rural areas where people are poor and unemployed.
Another good thing coming from China’s ban is that now bitcoin mining is concentrated mainly in the USA, where many firms use renewable energy and are much more green-focused than China.