Miami Mayor Talks About Bitcoin (BTC), Elon Musk and His Portfolio


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Miami Mayor Francis Suarez spoke to CNBC about Bitcoin and Elon Musk. The mayor also revealed which cryptocurrencies he holds in his portfolio.

Elon Musk Triggered Volatility

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While Francis Suarez talked about the volatility that caused Bitcoin to drop from its all-time high of $64,863 on April 14 to the $38,852 level where it has been sitting steadily recently, Elon Musk was among the triggers.

According to him, this is something that needs to be resolved on its own, and he believes that with sufficient trading volume, things will be more stable.

The mayor also pointed out that he is a big fan of Elon Musk. “However, in any market other than BTC, the asset price cannot rise up to 10% or 20% with just one tweet.” said.

“Bitcoin is Young and Easy to Manipulate”

The mayor also acknowledged that Bitcoin is a young asset and easy to manipulate. He even referred to Elon Musk’s tweets under a tweet and video about Bitcoin, which was viewed more than seven million times in one day.

However, the mayor believes that a huge number of people are interested in cryptocurrencies. Suarez cited a recent media report stating that more than 150 million people in the US hold cryptocurrency.

Suarez’s Portfolio

When asked if he owns any cryptocurrencies, the mayor answered yes and explained what cryptocurrencies he has in his portfolio: Bitcoin and Ethereum.

Suarez bought Bitcoin when it was between $35,000 and $40,000. The second-largest cryptocurrency, Ethereum, was acquired when the US Congress passed the $1.9 trillion stimulus program on March 10.

Suarez stated that ETH was about $1,500 at the time. He also said he was confident at the time that inflation was inevitable and wanted some form of protection against it.

Suarez also stated that he plans to buy more cryptocurrencies on the decline, but has been very busy so far.