Miami Mayor Francis Suarez enters presidential race with Bitcoin-friendly platform.

The Bitcoin-friendly Mayor of Miami, Francis Suarez, has submitted documents to the Federal Election Commission to run for President in the upcoming 2024 election. Suarez has made a promise to turn Miami into a hub for Bitcoin and has even accepted his salary in Bitcoin. He joins a growing field of Republican candidates seeking to unseat President Joe Biden, including former President Donald Trump and Florida Governor Ron DeSantis. However, he faces stiff competition from these high-profile candidates, despite being elected twice as Miami’s Mayor.

During the COVID-19 pandemic, Miami, also known as “Magic City,” has attracted a large number of tech workers from Silicon Valley and New York, resulting in several crypto firms relocating there permanently.

Suarez believes that Bitcoin has a “democratizing impact on the future of wealth for every American” and has been exploring ways to accept taxes and pay municipal employees in the currency. He has also announced the creation of MiamiCoin (MIA), built on the Bitcoin adjacent blockchain, Stacks, which he hopes will one day pay a recurring BTC stimulus to Miami citizens.

However, MIA has struggled, losing around 95% of its value from an all-time high of approximately five cents eight months earlier, according to data from CoinMarketCap. In March, crypto exchange OKCoin suspended the trading of MIA, as well as a second city coin, NYCCoin, citing limited liquidity as the reason for the decision.

Despite MIA’s struggles, Suarez remains a believer in crypto and its fundamental technology. “People ask me the same thing about Bitcoin, the fact that it’s lost more than 50% of its value, but that doesn’t change my feelings about the fundamental technology,” Suarez said in a 2022 blockchain interview.

This article has been edited by James Rubin.

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