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.
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.”
— Axios (@axios) February 28, 2021
Suarez wants to make Miami a Bitcoin hub
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.
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
“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.
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