Miami Mayor Francis Suarez desperately wants his city to be a pioneering hub for cryptocurrency, and the latest offensive in his ongoing campaign for the crypto cause put 401k plans in the spotlight.
In a recent interview with RealVision, an on-demand video streaming investment platform, during its blockchain-centric conference “The Takeover” in Las Vegas Dec. 9-11, Suarez announced plans to take part of his 401k payouts in Bitcoin, and his desire to contribute Bitcoin to his retirement plan.
When asked why he plans to take part of his 401k in Bitcoin, Suarez said, “It’s a personal choice. I just think it is a good asset to be invested in. I think it’s one that’s obviously going to appreciate over time. It’s one that I believe in.”
Miami’s Mayor, who is also permitted to have private-sector income and does through his legal practice and a private equity firm, noted he already receives his government salary in Bitcoin via a third-party app called Strike. “I do have private-sector income. So, in fairness, my mayoral salary is not 100% of my income. So it’s a part of my income I can do this type of investment with,” Suarez added.
He is reportedly the first U.S. lawmaker to accept part of his salary in Bitcoin.
Now, Suarez said he is actively researching how he can take part of his 401k in Bitcoin, and when asked if payments to his 401k plan in Bitcoin will start in 2022, Suarez replied, “Oh yeah, definitely.”
Suarez is looking to take advantage of lower corporate tax rates to lure tech firms to Miami, and cryptocurrency strategies have formed a significant part of his sometimes controversial campaign to make Miami a high-tech hub and integrate the use of cryptocurrency into everyday life.
He reportedly is working to allow taxes to be paid in Bitcoin, wants to be able to pay city government workers in Bitcoin, allow municipal levies to be paid in Bitcoin, and has proposed that city funds be invested in Bitcoin (Florida statutes do not currently permit local governments to hold volatile assets like Bitcoin).
Miami has already created digital wallets for its citizens, and announced Nov. 12 that it is actively dividing and distributing Bitcoin yields to citizens earned by its in-house cryptocurrency MiamiCoin, launched by nonprofit CityCoins to help fund municipal projects by generating yield.
According to BeInCrypto, Miami has amassed $21 million through the program since August. Citizens can mint new tokens using their personal computers and earn a percentage of the tokens they create. The city gets 30% while the users get 70%. One MiamiCoin is worth approximately $0.02. Each of the 442,000 citizens of Miami will receive approximately 0.0007 BTC, which is about $47.
SEE ALSO:
• Senator Touts Bitcoin as a Retirement Investment
• SkyBridge’s Anthony Scaramucci: ‘Bitcoin is a Retirement Asset’
• Bitcoin Inching Closer to 401ks
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
