By George Ward
Miami’s Mayor, Francis Suarez, has announced that he is withdrawing from the US Presidential race. While he hasn’t explicitly stated the reason behind this decision, Suarez is widely recognized for his vocal support of Bitcoin and unique financial choices.
Francis Suarez’s Departure
Francis Suarez has invested some of his wealth in the leading digital currency. What truly set him apart was his pioneering move to become the first American politician to opt for receiving his official salary in Bitcoin rather than the conventional fiat currency.
However, Suarez tweeted his decision to step away from his aspiration of becoming the 47th President of the United States. Nevertheless, he affirmed his unwavering commitment to credible solutions to issues facing American citizens.
Suarez pinpointed some of the country’s most pressing issues, like the inflation levels and elevated interest rates that burden the younger generation. Moreover, he said that the rising crime rates are a significant concern, advocating for a candidate from the Republican party who could effectively address these issues.
Achievements And Optimism For The Future
The tenure of Francis Suarez as the mayor of Miami was marked by various achievements. One was the significantly low unemployment rate of 2.10% towards June ending. Through strategic initiatives focused on fostering technological innovation and embracing cryptocurrencies, Miami has become an attractive hub for developers and entrepreneurs.
Therefore, Suarez remains optimistic that the successes witnessed in Miami can be emulated in cities nationwide. Beyond his political role, Francis Suarez has carved a niche as a strong advocate for Bitcoin.
His decision to receive his salary in BTC underscored his commitment to the digital currency industry. Although his departure from the Presidential campaign has undoubtedly weakened the Republican party’s crypto-centric stance, crypto advocates still have a notable figure in Ron DeSantis, the Governor of Florida.
DeSantis staunchly opposes potential restrictions on Bitcoin and is critical of the government’s introduction of a central bank digital currency. While the departure of Suarez may have reduced the number of pro-crypto Presidential contenders, numerous other candidates from the major parties have displayed their support for cryptocurrencies.
Among them, Robert F. Kennedy stands out for his commitment to introducing legislation that would nurture Bitcoin’s growth if he was victorious at the polls. He envisions a balanced approach to regulating the cryptocurrency industry, preventing illicit activities while fostering a friendly environment for innovation.
Kennedy suggests backing the US dollar with tangible, finite assets like gold, silver, platinum, and Bitcoin. His plan involves starting modestly with 1% of issued T-bills backed by these assets and gradually increasing these reserves over time.
Like Governor DeSantis, Kennedy shares concerns about the digital dollar, fearing it could become a tool for extensive government surveillance and control.
Bitcoin Whales Reap Profits Following Grayscale-SEC Verdict
Meanwhile, recent data from Santiment, an on-chain data firm, suggests that some prominent Bitcoin whales might have known the potential outcome of the legal dispute between Grayscale and the US securities regulator SEC before it became public knowledge. The data indicates that these entities used this knowledge to boost their profits significantly.
Their swift acquisition of $388.3 million worth of Bitcoin in a single day before the court’s announcement coincided with a remarkable 6% price surge, leading to substantial gains for them. Meanwhile, Bloomberg Intelligence’s Chief Commodity Strategist, Mike McGlone, has shared his insights about the Grayscale vs. SEC court battle.
He tweeted that Bitcoin’s price action suggests that the leading digital asset may soon trade at $30,000. McGlone also predicts the certainty of a Bitcoin spot ETF approval despite the SEC’s delays.
However, he highlights that the US Federal Reserve’s ongoing strict monetary policies remain the primary obstacle to Bitcoin’s upward price trajectory.