Miami Mayor Francis Suarez announced his personal investments in Bitcoin and Ethereum.
According to the mayor, he decided to buy cryptocurrencies immediately after the US Senate approved a package of measures to stimulate the economy for $1.9 trillion in early March. This, he said, is a sign of the inevitability of inflation in the future.
"At that point, I already knew that inflation was inevitable and that there had to be some sort of hedge," Suarez told CNBC.
After the approval of the new measures to support the economy, bitcoin continued to grow until it reached its current high of about $65,000. Subsequently, the price of the cryptocurrency rolled back to $30,000. Suarez says that he has not yet taken advantage of the opportunity to build up his position.
"I haven't bought on the pullback yet, but I plan to do it. I was just very busy, too much work, " he explained.
The mayor agreed that his earlier reports of plans to bitcoin Miami could push the cryptocurrency market up. In this, he sees a sign of the immaturity of bitcoin as an asset, the trading of which has not yet managed to stabilize.
"The video of what we do in the city has become the most viewed of all that I have ever uploaded. This also indicates an incredible number of people interested in cryptocurrencies. I have heard reports that 100-150 million people are holding them, " he added.