Miami Mayor Francis Suarez has stated that fluctuations in the cryptocurrency market do not concern him, as part of his salary has been paid in Bitcoin, which has increased by 300% since he initially received it.
Suarez, speaking on Fox Business from the America Business Forum conference—which was attended by former U.S. President Donald Trump—explained that he first began receiving a portion of his mayoral salary in Bitcoin in November 2021. At the time, the cryptocurrency price was around $30,000. Despite market volatility, his portfolio remains significantly profitable.
“When I received my payment in Bitcoin at $30,000, it has now grown roughly 300%. When the price was above $120,000, the increase reached 400%,” Suarez said. He emphasized that daily price swings are not a concern for him, describing Bitcoin as a macroeconomic hedge asset with trust encoded in its underlying technology.
The mayor expressed his broader interest in digital innovations: decentralized systems, cryptocurrency, and artificial intelligence—topics he highlighted for discussion at the America Business Forum.
While there is no official confirmation that Suarez continues to receive his salary in Bitcoin, he previously indicated that he would maintain at least a portion of his compensation in the cryptocurrency. Historical reporting noted his annual mayoral salary at $97,000 and his net worth at approximately $4.45 million as of July 2024.
Suarez is not alone in accepting cryptocurrency compensation. Former New York Mayor Eric Adams also received part of his salary in Bitcoin before being succeeded by socialist candidate Zohran Mamdani. Suarez commented on Adams’ approach, noting that it diverged from traditional American values, such as capitalism, personal freedom, and opportunities for individual growth.
