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The mayor of Miami bought Bitcoin after Congress passed a $ 1.9T stimulus bill

Francis Suarez, the mayor of the city of Miami friendly with digital currency, may have further consolidated his status as an advocate of digital currency.

Appearing on the CNBC Squawk Box program, Suarez revealed that he owns both Bitcoin (BTC) and Ether (ETH).

According to Suarez, it bought BTC and ETH immediately after the U.S. Senate passed the $ 1.9 trillion stimulus bill for further relief from COVID-19 in early March.

For Suárez, the passage of the bill made inflation inevitable, stating: “At that time I knew that inflation was inevitable and that there had to be some kind of coverage.”

Massive public spending to stimulate economic recovery continues to fuel inflation and fears of monetary degradation give more credibility to the viability of Bitcoin as a hedging asset.

At the time of the passage of the stimulus law, Bitcoin soared beyond $ 54,000 on the way to reaching its current all-time high above $ 64,000. BTC, along with the encryption market, experienced significant losses in May, and token prices fell nearly 50% in all areas.

Suarez said he could not take advantage of the current fall, adding:

“I haven’t bought the sauce yet, but I intend to do it. I’ve just been too busy; I’ve been working too hard.”

Miami is also fast becoming a major encryption hub in the United States, with venture capital firm Borderless Capital announcing a $ 25 million fund for new city-based companies.

From nightclubs to tax payments, digital currency adoption appears to be growing at a significant pace across the city, and the mayor even called for progressive laws on digital currency in February.

Miami’s footprint in the digital currency landscape seems to be ready for another boost, as the city is home to the Bitcoin 2021 conference. Congressmen, CEOs, celebrities and cryptographers are among the more than 50,000 crypto faithful which are expected to adorn the event.

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