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.
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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).
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.
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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.
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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.
"I'm a big @ElonMusk fan but when one person has the ability to make one tweet and spiral the price of a particular asset at that level–there's volatility in commodities, there's volatility in dollars but not that kind of volatility," says @FrancisSuarez on #crypto #bitcoin. pic.twitter.com/z5hDiJRpzW
— Squawk Box (@SquawkCNBC) June 3, 2021
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