Bitcoin and other cryptocurrencies have been on a downward trajectory for weeks. While many have questioned the utility of such volatile assets, cryptocurrency proponents have been telling investors to buy the dip.
Miami mayor Francis Suarez seems to have taken that suggestion and says that he is planning to buy the latest dip. In an interview with Squawk Box, Suarez said that he’s been too busy to buy the dip so far. However, he plans on doing so in the near future.
Suarez also revealed that he already owns some Ethereum and Bitcoin, which he bought in early March. He made the purchase right after the U.S congress passed the $1.9 trillion COVID-19 relief bill. Suarez explained that he needed protection against inflation that was made inevitable after the bill’s passage.
Bitcoin saw a massive surge in value in March and April, reaching an all-time high of $64,841 on April 14. The asset has since shed almost half its value, dropping close to $30,000 before finding some stability. At the time of writing, Bitcoin is valued at $38,525.
Suarez is already known for his pro-crypto positions and has endorsed the mainstream adoption of Bitcoin as payment methods. In February, he even tabled the option of paying Miami City employees in Bitcoin instead of fiat currency. He also considered financing his re-election campaign using Bitcoin.
Miami has become one of the major crypto hubs in the U.S. Just this Wednesday, venture capital firm Borderless launched a $25 million fund to support blockchain startups in the city. The city is also set to host over 50,000 people at the Bitcoin Conference 2021 this weekend.