Miami’s mayor – Francis Suarez – announced his withdrawal from the US Presidential race without providing an exact reason for his decision.
He is known as an outspoken proponent of bitcoin who has invested some of his wealth in the primary digital asset. Suarez also became the first American politician to receive his salary in BTC instead of fiat currency.
One of the Pro-Crypto Republicans Calls it Quits
Suarez disclosed on X (Twitter) that he will no longer pursue the goal of becoming the 47th President of the United States. However, he said his “commitment to making this a better nation for every American remains.”
The 45-year-old politician outlined some of the main problems of the US, such as high inflation, elevated interest rates, which are “punishing young Americans,” and the rising crime level. He raised hopes that the Republican party would find an appropriate candidate to cope with those problems and “inspire and unify the country.”
In addition, he highlighted the success achieved in Miami during his tenure. The financial heart of Florida registered an unemployment rate of 2.10% (as of the end of June). The city has also become quite attractive for developers and entrepreneurs due to the administration’s multiple initiatives focused on tech innovations and cryptocurrencies.
“I know what we have achieved during my tenure leading the City of Miami can be replicated in every community in our great country. The next President must play a major role in getting America’s cities back on track to safety, prosperity, and a better quality of life for all,” Suarez stated.
Apart from leading Miami’s crypto efforts, the mayor is widely known as a keen advocate of bitcoin. He became the first American politician to receive his salary in BTC, vowing to do the same should he win the 2024 Presidential elections.
His withdrawal from the campaign means the Republicans lost their arguably strongest crypto proponent. Nonetheless, they still have Ron DeSantis (Florida’s Governor), who promised to end Biden’s “war on bitcoin” and opposed the possible launch of a central bank digital currency (CBDC).
Robert F. Kennedy is Still in the Game
While the pro-crypto Presidential nominees might be one less with the absence of Suarez, plenty of candidates from both parties have declared their support toward the asset class.
One example is Robert F. Kennedy, who promised to introduce legislation that aids the development of Bitcoin should he emerge victorious next year. He also said his eventual cabinet will implement only necessary control of the cryptocurrency industry to prevent money laundering instead of applying rules that could hamper its advancement.
Kennedy, who has exposure to BTC, pledged to back the US dollar with “real finite assets,” including gold, silver, platinum, and bitcoin:
“My plan would be to start very, very small: perhaps 1% of issued T-bills would be backed by hard currency: by gold, silver, platinum, or bitcoin, and then depending on the outcome, we would increase that annually.”
Similar to Governor DeSantis, he is a critic of the digital dollar, suggesting the US government could use such a financial product as an “ultimate mechanism for social surveillance and control.”
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