Miami Mayor Francis Suarez owns Bitcoin and Ethereum, he revealed in an interview with broadcaster CNBC.
& # 8222; I own Bitcoin and I own Ethereum, & # 8220; so Suarez. He added: & # 8222; I have not bought the dip yet, but I have it before. I was just too busy.“
The mayor revealed in the interview that he bought Bitcoin in the „high 30s“ and Ethereum when ETH hovered around the $ 1,500. This means that he has achieved a positive return on both of his investments. Suarez said he bought both cryptocurrencies since the U.S. Senate passed the $ 1.9 trillion stimulus program in March.
& # 8222; I knew at that time that inflation was inevitable and that there had to be some kind of hedging“, he said in this regard.
Inflation leads to Bitcoin & Co.
The sentiment is similar to that of institutional traders and technology entrepreneurs alike.
Inflation leads to increased diversification in cryptocurrencies. Over the past year, companies like MicroStrategy and Tesla have bought billions of dollars worth of Bitcoin. Fear of inflation was an integral part of this decision. Others like Stanley Druckenmiller have also recently jumped on the Bitcoin bandwagon, making similar arguments.
& # 8222; When we passed the CARES law, Chairman Powell started crossing all sorts of red lines, which the Fed[eral Reserve] do and would not do & # 8220;, said Druckenmiller in a recent interview.
& # 8222; The problem was that Jay Powell and the world’s central bankers went nuts and made fiat money even more questionable than it already was when I still owned gold.“
Meanwhile, Suarez is one of the few political figures to show a friendly attitude towards cryptocurrencies and plan future developments for the growing market. Last year, Suarez said he was reviewing the possibility of people in Miami paying with cryptocurrencies. He even considered buying Bitcoin for the city treasury in December and received mostly positive comments for his statement at the time.
Text credit: cryptoslate