Reelected Miami mayor to take 401k retirement savings partly in Bitcoin

A Miami mayor who was reelected this week took his retirement savings partly in Bitcoin, but says that is temporary. The move may be an indication of the cryptocurrency’s massive surge at the end of 2017 and a growing acceptance by investors.

The “does 401k count as income” is a question that comes up quite often. In the case of Miami’s mayor, he has elected to take his retirement savings partly in Bitcoin.

Suarez wants to dedicate a portion of his retirement savings to Bitcoin based on “a personal choice,” he said in an interview with Real Vision: “Shortly after becoming the first United States lawmaker to accept a portion of his salary in Bitcoin,” he said in an interview with Real Vision: “Shortly after becoming the first United States lawmaker to accept a part of his salary in Bitcoin,” he said in an interview with Real Vision: “Shortly after becoming the first United States lawmaker to accept

Francis Suarez, the long-serving mayor of Miami, has revealed intentions to collect a portion of his 401(k) payment in Bitcoin (BTC), barely a month after starting to receive salary in BTC. 

“I just believe it is a worthwhile investment.” I believe it is one that will undoubtedly gain in value over time. It’s one in which I believe.”

Bitcoin’s success, according to Suarez, is inextricably linked to public trust in the system, which is intrinsically a “open-source, un-manipulable technology.” The mayor announced that, with the aid of a third-party payment processor called Strike, he has begun accepting salary payments in Bitcoin.

The mayor also said that the municipal administration welcomes Bitcoin as a form of fee payment from Miami citizens. While the Mayor considers several solutions for facilitating Bitcoin payments for retirement funds, Suarez is certain that a viable system will be in place by 2022.

Thank you, Governor DeSantis, for following Miami’s example and inviting crypto innovation and businesses to the Sunshine State!

Now’s your opportunity to seize the reins as Governor and be paid in Bitcoin… @RonDeSantisFL, are you in? https://t.co/Zppp8DCiMe

December 9, 2021 — Mayor Francis Suarez (@FrancisSuarez)

Residents in Miami will be given free Bitcoin as a result of income from the municipal coin.

Mayor Suarez said on Nov. 12 that Bitcoin yield will be distributed as a dividend to every qualified Miami citizen in an attempt to further accelerate the city’s Bitcoin adoption campaign.

The city of Miami will distribute the BTC yields produced by staking its in-house cryptocurrency, MiamiCoin, which was first developed by Citycoins to support municipal programs by producing yield, according to Cointelegraph. Suarez stated, in an effort to turn the city into a significant bitcoin hub:

“For our inhabitants, we’re going to build digital wallets.” And we’re going to offer them Bitcoin straight from MiamiCoin’s dividend.”

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