Miami Mayor responds to Yellen saying Bitcoin is worth studying

1 March 2021

in Bitcoin

Reading Time: 2 mins read

Miami Mayor Francis Suarez addressed Treasury Secretary Yellen’s recent Bitcoin snub, saying he isn’t surprised she is hostile towards the leading cryptocurrency.

Expanding further, he said Bitcoin’s separation from the state is why investors flock to it in the first place. And when asked about his apparent tolerance for high-risk, Suarez replied by saying all investments are risky.

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“It doesn’t surprise me at all the Treasury Secretary would find a decentralized potential currency to be hostile to a currency they control.

For people who invest in Bitcoin, the lure is precisely that it’s not backed by a central government. So it’s not manipulatable by the central government.”

Recently, Suarez has pushed for Miami to gain more exposure to Bitcoin. The city will conduct a study into the practicality of using it to pay workers and collect taxes. This, Suarez said, is “something worth studying.”

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Mayor @FrancisSuarez, who wants Miami to embrace bitcoin, pushes back on Yellen calling it “extremely inefficient”:

“It doesn’t surprise me at all that a Treasury secretary would find a decentralized potential currency to be hostile to a currency that they control.” #AxiosOnHBO pic.twitter.com/jWIAAR0Css

— Axios (@axios) February 28, 2021

Suarez wants to make Miami a Bitcoin hub

The first indication of Suarez’s pro-Bitcoin stance came about in late December last year, in a Twitter exchange with Bitcoin-bull Anthony Pompliano.

In the tweet, Suarez declared his interest in exploring Bitcoin as a treasury asset for Miami. The announcement garnered a mixed response. Some praised the unconventional approach to municipal budgeting. Others blasted the idea by regurgitating FUD, including accusations of it being a Ponzi scheme and its failings as a currency.

Nonetheless, Suarez has pushed ahead with plans to integrate Bitcoin into Miami life. In February, he proposed paying city workers and collecting taxes in Bitcoin.

The city’s commission approved the proposal in a 4-1 result. But only after downgrading the original plan to a study into the practicality of doing so.

Commissioner Manolo Reyes voiced caution, saying we need more information before jumping in. However, he remains committed to the study and open to finding out more.

“Let’s analyze this before we jump in. Maybe you’re ahead of your time, maybe you’re right, but let’s analyze it.”

Yellen doesn’t hold back in blasting BTC

Last week, Treasury Secretary Yellen issued a warning on the dangers of Bitcoin, saying it’s often used in illicit finance while also slamming its environmental impact.

“To the extent it is used I fear it’s often for illicit finance. It’s an extremely inefficient way of conducting transactions, and the amount of energy that’s consumed in processing those transactions is staggering.”

She also criticized the leading cryptocurrency on the grounds of its extreme volatility, which she fears will leave investors exposed to losses.