Miami mayor bought Bitcoin after Congress passed $1.9T stimulus bill

Francis Suarez, the crypto-friendly mayor of the city of Miami, may have further cemented his status as a cryptocurrency proponent.

Appearing on the CNBC Squawk Box program, Suarez revealed that he owns both Bitcoin (BTC) and Ether (ETH).

"I own #bitcoin and I own #ethereum," says @FrancisSuarez. "I haven't bought the dip yet but I'm planning to. I've just been too busy." pic.twitter.com/xdKpghIRR5

According to Suarez, he bought BTC and ETH immediately after the United States Senate passed the $1.9-trillion stimulus bill for further COVID-19 relief back in early March.

For Suarez, the passage of the bill made inflation an inevitability, stating, “I knew at that point that inflation was inevitable and that there had to be some sort of a hedge.”

Massive government spending to spur economic recovery continues to stoke inflation and monetary debasement fears further lending credence to Bitcoin’s viability as a hedge asset.

At the time of stimulus bill passage, Bitcoin rocketed past $54,000 on the road to reaching its current all-time high above $64,000. BTC along with the crypto market did experience significant losses in May, with token prices sliding almost 50% across the board.

Suarez said he was unable to take advantage of the current dip, adding:

Miami is also fast becoming a major crypto hub in the United States, with venture capital firm Borderless Capital announcing a $25-million fund for startups based in the city.

From nightclubs to tax payments, crypto adoption seems to be growing at a significant pace across the city, with the mayor even calling for progressive cryptocurrency laws back in February.

Miami’s footprint in the cryptocurrency landscape appears set for another boost as the city plays host to the Bitcoin 2021 conference. Congresspeople, CEOs, celebrities and cryptographers are among the over 50,000 crypto faithful expected to grace the event.