When CNBC asked: There has not been a moment in the last decade, since the advent of Bitcoin where it hasn’t been volatile and so what do you think has to happen for that to change for you to actually put it on your balance sheet? Are your employees really going to take money in Bitcoin?
Mayor Francis Suarez: It is up to them. It is a choice that they would have. They would have a choice to do it or not do it.
I think the Bitcoin, the last time I checked was up for the year in a significant amount. So, the volatility is certainly there – it was in the $60,000 and now in the $39,000 range in just a couple of months and that has to work itself out.
Obviously, it is a trillion dollar plus market cap, lot of transaction in trading volume. I am an Elon Musk fan. When one person has the ability to make one tweet and spiral the price of a particular asset at that level at 10 or 20% that is supposed to wander at 1 or 2%
There is volatility in everything. There is volatility in mortgage. There is volatility in dollars, but not that kind of volatility. Once it works itself up with enough transactional volume and much more stability, then I think it could certainly be a hedge against fiat currency. And, we can explore further.
When CNBC asked: How concerned are you about that manipulation? We have been talking all morning about Ransom ware. You just talked about the issue of someone like Elon Musk or anybody you know being about to push up the stock. Also, when you ran on the air originally with Miami’s plan around Bitcoin, it also moved the price of Bitcoin.
Mayor Francis Suarez: It did and I think that is an asset that is very young. As we said does not have stable trading yet. And, the possibility of manipulation is obviously a fear and a problem without a doubt.
As I said, when I put out that tweet about what we are doing in the city it was literally the most viewed video that I have ever put out.
I put it out at 10:30 on Thursday and I think it hit 7 million views. It also indicates to me that there are customers and a number of people that are interested in crypto. It is incredible.
I have actually heard reports over the last couple of days, up to 100 and 152 million people are holding.
When CNBC asked: Do you want Bitcoin?
Mayor Francis Suarez: I do want Bitcoin and I want Ethereum. I bought BTC in the high 30s and I bought Ethereum at about 1500. I bought it on that day that the US Senate passed the 1.5 dollar stimulus bill. And, I knew at that point why inflation was inevitable and at that point I thought we need a hedge.
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