In brief
- Miami Mayor Francis Suarez suggested there are more big events to come in the crypto world following Tesla's massive Bitcoin purchase.
- He said Tesla's Bitcoin investment is just the beginning for wider Bitcoin adoption.
Miami Mayor Francis Suarez told Decrypt that Tesla’s $1.5 billion Bitcoin investment is just part of the crypto world’s transition into mainstream culture. According to Mayor Suarez, there will be more groundbreaking events to follow that could transform the cryptocurrency industry forever.
“This is really just a metamorphosis and transition into mainstreaming, and I think there are still two or three mega events that are out there,” Mayor Suarez told Decrypt.
Specifically, Mayor Suarez pointed to the impact a major US government stimulus package could have on cryptocurrencies.
“There are estimates that that could create 40% of all the dollars that are in existence,” the Mayor said, adding, “That has the possibility of creating inflation, which again will be something that drives people into crypto.”
That’s not the only thing the Mayor foresees in crypto’s potential future. He said that, if Amazon started accepting crypto as a payment method, it would completely transform the landscape. “If that happens, it’s game over. You’re talking about a company that is probably associated with 70% of the transactions that we do in our lifetime,” he said.
And all of this is good news for the Mayor who not only hopes to turn Miami into a cryptocurrency world leader, but plans to personally buy cryptocurrency soon. “It’s exciting for me to see day in and day out more and more people—mainstream people—that are taking big positions,” he said.
Elon Musk, who as Tesla CEO oversaw the company’s massive Bitcoin investment, has also been impacting the cryptocurrency industry by frequently tweeting about Bitcoin—and Dogecoin.
Miami Mayor Suarez Plans to Personally Buy Bitcoin, Ethereum, or Dogecoin
Miami Mayor Francis Suarez told Decrypt that he is planning on personally buying cryptocurrency this week. He is considering a portfolio of coins including Bitcoin, Ethereum, and potentially even Dogecoin. “I may do Bitcoin, I may do Ethereum, and I may do Dogecoin, I haven’t fully fitted out what I’m going to do, but those are the three that I’m looking at,” Mayor Suarez said. There has been some speculation about when, or even if the Mayor would ever purchase any cryptocurrencies, but he con...
In a recent study by the Blockchain Research Lab, Musk’s tweets were shown to have caused 20% spikes in Bitcoin and Dogecoin markets, prompting questions about whether it is right that private individuals can impact crypto markets so significantly. According to Mayor Suarez, this isn’t anything new.
“The market changes up and down every day. Something that somebody says, the President of the United States or the FED Chairman can change values, it’s based on perception,” he said.
MicroStrategy Sells Off $1 Billion of Debt to Buy More Bitcoin
MicroStrategy, the tech company known for its significant Bitcoin stores, has completed its offering of $1.05 billion in convertible senior notes—a windfall the company intends to invest in even more Bitcoin. A convertible senior note is a kind of debt security that can be either converted into shares or bought back by the issuer; these are set to mature in 2027, but MicroStrategy can buy them back in 2024. Sales like these can be a good way for a company to raise cash, if it can handle the int...
But as far as Bitcoin is concerned, Mayor Suarez suggested that as more people come to own Bitcoin, any one person’s ability to move the market will decline. In other words, as transactional volume increases in the Bitcoin network, individuals will have less impact on the market. Then maybe Musk will be able to change his Twitter bio in peace.
