Re-elected Mayor of Miami to withdraw 401k retirement plans partially in Bitcoin


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Long-time Mayor of Miami Francis Suarez has now announced that he will be taking part of his 401 (k) payout in Bitcoin (BTC) just a month after he began drawing his salary in BTC.

Shortly after becoming the first US lawmaker to accept part of his salary in Bitcoin, Suarez plans to use part of his retirement plan for Bitcoin based on “a personal choice,” he said in an interview with Real Vision:

“I just think it’s a good asset to invest in. I think it will obviously increase in value over time. It’s one that I believe in. “

Suarez stressed that the success of Bitcoin is closely linked to trust in the system, which is by nature an “open source, unmanipulable system”. The mayor announced that he has started receiving salary payments in Bitcoin with the help of a third-party provider Strike.

The mayor also announced that the city government is accepting payment of fees in Bitcoin from Miami residents. While the mayor is exploring the various options for making Bitcoin payments possible for retirement provision, Suarez is sure to have a system in place by 2022.

Related: Miami will be giving out Bitcoin to residents for free from the profits of the city coin

In an effort to drive Miami’s Bitcoin rollout initiative further, Mayor Suarez announced on November 12th that it would distribute the Bitcoin yield directly as a dividend to every eligible Miami resident.

As Cointelegraph reported, the city of Miami will split and distribute to residents the BTC income generated by staking their in-house cryptocurrency MiamiCoin, originally introduced by Citycoins to fund community projects through income generation. To turn the city into a major cryptocurrency hub, Suarez said:

“We will create digital wallets for our residents. And we’re going to give them Bitcoin straight from the MiamiCoin revenue. “