Home News Reelected Miami mayor to take 401k retirement savings partly in Bitcoin

Reelected Miami mayor to take 401k retirement savings partly in Bitcoin

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Francis Suarez, the long-serving mayor of Miami, has announced plans to collect a portion of his 401(k) payment in Bitcoin (BTC), just a month after starting to receive salary in BTC.

In fact, Suarez wants to dedicate a portion of his retirement savings to Bitcoin based on “a personal choice”. He said in an interview with Real Vision, shortly after becoming the first United States lawmaker to accept a portion of his salary in Bitcoin.

“I simply believe it is a worthwhile investment. I believe it is one that will undoubtedly appreciate in value over time.”

Furthermore, Bitcoin’s success, according to Suarez, is inextricably linked to trust in the system. Which is intrinsically an “open-source, un-manipulable technology”. Besides, the mayor said that, with the help of a third-party payment processor called Strike, he has begun receiving Bitcoin salary payments.

Miami citizens can pay fees in Bitcoin, according to the mayor. While the Mayor considers several options for facilitating Bitcoin payments for retirement funds, Suarez is confident that by 2022, a viable system will be in place.

Francis Suarez announced ‘Bitcoin yield’ from MiamiCoin to its citizens

Additionally, Mayor Suarez said on Nov. 12 that Bitcoin yield would be sent as a dividend to every eligible Miami citizen. In an effort to accelerate the city’s Bitcoin adoption.

According to reports, the city of Miami will divide and distribute the Bitcoin returns gained by staking its in-house cryptocurrency, MiamiCoin. Which created by Citycoins to support municipal programmes by generating yield. Suarez stated in an effort to turn the city into a major cryptocurrency centre:

“For our residents, we’re going to build digital wallets.” And we’re going to offer them Bitcoin straight from MiamiCoin’s dividend.”

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