Francis Suarez, the crypto-friendly mayor of the city of Miami, may have further cemented his status as a cryptocurrency proponent.
— Squawk Box (@SquawkCNBC) June 3, 2021
According to Suarez, he bought BTC and ETH immediately after the United States Senate passed the $1.9-trillion stimulus bill for further COVID-19 relief back in early March.
For Suarez, the passage of the bill made inflation an inevitability, stating, “I knew at that point that inflation was inevitable and that there had to be some sort of a hedge.”
Massive government spending to spur economic recovery continues to stoke inflation and monetary debasement fears further lending credence to Bitcoin’s viability as a hedge asset.
At the time of stimulus bill passage, Bitcoin rocketed past $54,000 on