Miami's Mayor Francis Suarez Celebrates 300% Bitcoin Gains

Bitcoin Magazine

Miami's Mayor Francis Suarez Celebrates 300% Bitcoin Gains

Miami's Mayor Francis Suarez has reported significant profits from his decision to receive his salary in Bitcoin, revealing to Fox Business that he has seen a remarkable increase of "300%" since opting for cryptocurrency as his payment method.

Suarez shared that he initially started receiving his salary when Bitcoin was valued at around $30,000. He noted that earlier this year, the cryptocurrency even soared to an impressive $120,000, marking a staggering 400% increase at one point. Although Bitcoin recently dipped below the $100,000 mark, Suarez remains unfazed by the fluctuations in the market.

He explained, "[The volatility of bitcoin] really doesn’t bother me... I’m more concerned with the macro impact of having a store of value that people have faith in, that has a money creation system known through the code." His focus seems to lie more in the broader implications of cryptocurrency's role in the economy rather than short-term price changes.

As one of the pioneering U.S. politicians to accept his salary in Bitcoin, Suarez emphasized the importance of the ongoing developments in decentralized finance and cryptocurrency alongside advancements in artificial intelligence. He stated, "What’s more interesting is this evolution of where decentralized finance is going, where crypto is going, where AI is going."

During his address at the American Business Forum in Miami, Suarez further elaborated on the city’s emergence as a financial center. He remarked that Miami’s capitalistic approach stands in stark contrast to cities like New York, predicting a surge in interest in real estate and business opportunities as a consequence.

Back in 2021, Suarez had announced plans for the city to distribute Bitcoin to its residents as part of a broader initiative to establish a complete Bitcoin economy. He envisions a future where transactions, including city tax payments, utilize what he referred to as "the Satoshi system."

Suarez also highlighted the necessity of enhancing Bitcoin’s utility, asserting that doing so would foster greater value and adoption within the community. His vision includes making it possible for city employees to receive their salaries in Bitcoin and for residents to pay various fees using the cryptocurrency.

As the current mayoral race in Miami progresses towards a runoff scheduled for December 9 between Democrat Eileen Higgins and Republican Emilio Gonzalez, it's noteworthy that Suarez, due to term limits, is unable to seek re-election as mayor.

Celebrity Endorsement of Bitcoin Payments

In recent events, NFL superstar Odell Beckham Jr. has reaffirmed his choice to accept his salary in Bitcoin during his time with the Los Angeles Rams in 2021. Beckham converted his $750,000 base salary to Bitcoin through a Cash App agreement when the cryptocurrency was priced at approximately $60,000.

Although skeptics criticized Beckham's decision following a nearly 80% decline in Bitcoin’s value, the asset rebounded spectacularly, reaching unprecedented heights above $120,000 by July 2025.

Beckham confidently stated, “Safe to say we still happy with our decision,” reflecting his satisfaction with the move he made two years prior.