Miami mayor who took Bitcoin salary in 2021 says bet has tripled in value

Miami Mayor Francis Suarez’s 2021 decision to receive his salary in bitcoin has tripled in value, with the cryptocurrency climbing from around $30,000 when he first received payment to more than $100,000 today.

Speaking this week, Suarez said he remains confident in bitcoin’s long-term prospects despite volatility, calling his crypto paycheck a bet on “limited supply” and decentralized finance. The move made him one of the first U.S. elected officials to accept cryptocurrency as salary, positioning Miami as an early adopter of digital assets.

His comments come at a time when digital currencies continue to experience volatility, but Suarez maintains that his Bitcoin salary symbolizes confidence in the future of decentralized finance.

“The growth over time is what I really care about,” — Francis Suarez, Mayor of Miami.

Suarez says he is not worried about Bitcoin price volatility

Suarez explained that his Bitcoin salary had once increased more than 400% in value when Bitcoin peaked at $120,000, demonstrating the long-term upside of digital assets despite their frequent market swings. “It will always have a limited supply,” he said, emphasizing Bitcoin’s deflationary structure as a key reason for his confidence.

He compared Bitcoin to traditional fiat currencies, noting that governments can “print more or change rules” that affect value without public input — a factor that, in his view, undermines trust.

Suarez added that the Miami Mayor Bitcoin salary experiment was not just a personal investment choice but part of a broader vision for Miami’s financial future. “Cities grow when they embrace innovation,” he said. “Miami can leverage this financial shift to attract investment and create opportunities for its people.”

Miami’s crypto-friendly transformation under Suarez

Under Suarez’s leadership, Miami has evolved into one of America’s most crypto-friendly cities, earning the nickname “Crypto Capital of the U.S.” The Miami Mayor Bitcoin salary was a symbolic statement of that commitment.

Despite setbacks — including the 2022 bankruptcy of FTX, which was headquartered in Miami — the city has continued efforts to rebuild trust in the crypto industry and attract blockchain innovation.

Suarez has long been a pro-Bitcoin advocate, promoting its integration into city operations. In 2021, he proposed allowing municipal employees to receive pay in Bitcoin and suggested enabling residents to pay taxes using cryptocurrency.

“Miami could stand out from other big cities if it integrates Bitcoin into city operations like paying workers and collecting taxes,” — Francis Suarez, Mayor of Miami.

Suarez’s approach aimed to show that Bitcoin could be used not just for investment but as a functional currency for everyday transactions — a message that resonated across the country as more public figures joined the trend.

Bitcoin salaries gaining popularity among public figures

The Miami Mayor Bitcoin salary decision marked a turning point in mainstream adoption, inspiring other public figures and celebrities to follow suit. NFL star Odell Beckham Jr. converted his 2021 salary from the Los Angeles Rams into Bitcoin through a Cash App partnership when the token was trading at around $60,000. Despite critics warning of a potential crash, Beckham’s Bitcoin holdings nearly doubled in value when the price surged past $120,000.

Similarly, Russell Okung of the Carolina Panthers converted half of his $13 million salary into Bitcoin, while Saquon Barkley received $10 million from endorsement deals in BTC. These moves, alongside the Miami Mayor Bitcoin salary, highlighted a cultural shift toward digital assets among high-profile earners.

National embrace of cryptocurrency gathers momentum

Suarez’s optimism aligns with broader pro-crypto policies gaining traction nationwide. During the America Business Forum in Miami, President Donald J. Trump reaffirmed his administration’s commitment to supporting the digital asset industry.

“We are here to embrace a vital industry here in Miami,” — President Donald J. Trump, America Business Forum, Miami.

Trump stated that his government had ended “the federal government’s war on crypto,” describing his executive orders as a reversal of Washington’s earlier hostility.

For Suarez, the message validates his early stance. The Miami Mayor Bitcoin salary not only became a symbol of confidence in cryptocurrency but also positioned Miami as a testbed for the financial systems of the future.

As the city continues to rebuild its crypto reputation and attract blockchain investment, Suarez’s gamble on Bitcoin — once seen as risky — now appears visionary.