— Squawk Box (@SquawkCNBC) June 3, 2021
The mayor, in the interview, revealed he had purchased Bitcoin in the “high 30s” and Ethereum when it hovered around $1,500. This means both his investments are in profit (and were over 100% and 300% in profit respectively at their peak).
Suarez said he bought both the cryptocurrencies when the United States Senate passed the $1.9-trillion stimulus bill in March. “I knew at that point that inflation was inevitable and that there had to be some sort of a hedge,” he said in this regard.
Inflation leading to crypto
The sentiment is similar to those shared by institutional traders and technology entrepreneurs alike.
Over the past year, companies like MicroStrategy and Tesla have picked up billions of dollars worth of Bitcoin from their treasury funds, citing massive money printing and fears of overinflation as major reasons.
— Michael Saylor (@michael_saylor) June 1, 2021
Others like Stanley Druckenmiller have jumped on the Bitcoin train recently, citing similar arguments.
“When we did the CARES act, Chairman Powell started crossing all sorts of red lines in terms of what the Fed[eral Reserve] would do and wouldn’t do,” said Druckenmiller in a recent interview.
He added, “The problem was Jay Powell and the world’s central bankers going nuts and making fiat money even more questionable than it already has been when I used to own gold.”
Meanwhile, Suarez is one of the few political figures to turn a friendly hand towards cryptocurrencies and plan future developments for the growing market. Last year—he even embraced the ‘laser eyes’ meme—Suarez said he was exploring the possibility of people in Miami paying there in crypto.
He even considered buying Bitcoin for the city treasury back in December, receiving mostly favorable comments for his statement at the time.
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