Miami Mayor Francis Suarez Reveals Why He Purchased Ethereum (ETH) At $1,500
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Francis Xavier Suarez, an American attorney and politician serving as the 43rd mayor of Miami, has recently revealed his crypto portfolio and the reason for purchasing Ethereum (ETH), the second-largest cryptocurrency by market capitalization.

In an interview with CNBC’s Squawk Box, he discussed Bitcoin (BTC), Elon Musk, and the volatility displayed by the digital gold recently.

Read Also: Elon Musk Loses World’s Second-Richest Position after losing $3.16 Billion in A Day

When Miami Mayor Purchased Bitcoin (BTC) and Ethereum (ETH)

Responding to a question related to his crypto portfolio, he said he currently holds Bitcoin (ETH) and Ethereum (ETH).

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Suarez said he bought Bitcoin when it was trading between $35,000 and $40,000. As for the second-largest cryptocurrency, he said he joined the Ethereum bandwagon when the United States Congress announced the $1.9 trillion stimulus program, which was passed on 10th March.

When he added Ethereum (ETH) to his crypto portfolio, the cryptocurrency was priced around $1,500. In the course of the conversation, Suarez pointed out that he was sure that inflation was looming, so, he purchased ETH as a hedge to escape its devastating effect.

Read Also: Founder of Bitcoin Suisse Says Ethereum (ETH) Will Precede Bitcoin (BTC) to Proof-of-Stake (PoS)

It’s worth noting that the Mayor of Miami is still interested in buying the dip of his choice digital currencies.

Elon Musk Is a Volatility Trigger

According to Miami Mayor, Elon Musk, the CEO of Tesla, was among the factors that provoked the historic crash that played out about two weeks ago.

However, Suarez believes that with time, Bitcoin (BTC) and the crypto market will bounce back with enough transactional volume.

Read Also: Leading Custom Apparel Company Wants To Convert $1,000,000 of Its Cash Reserve to BTC, ETH

He further admitted that he’s a big fan of Elon Musk. He, however, stated only in the Bitcoin market is where one could send price up 10 to 20% with a single tweet.

According to Miami Mayor, “Bitcoin is young and easy to manipulate” but its popularity is going wider, citing the fact that over 150 million people are currently holding digital currencies in the United States.

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Tobi Loba

By Tobi Loba

Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.