Reason Why the Mayor of Miami Purchased ETH Below $1,500

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With BTC and ETH on their path to recovery, Miami entered the spotlight with the 2021 BTC Conference taking place on the 6th of June, 2021. At the conference will be influential figures from the crypto space to discuss issues around the past, future and even the present status of the industry.

Francisco Suarez, the highest official and Mayor of the State of Miami, has been putting more effort into making the city a centre of attraction as a technological hub. To this effect, the mayor has been reaching out to diverse representatives of the space and has been going long on BTC and ETH.

In an interview he had with the Squawk Box of CNBC, the mayor said the energy the 2021 BTC conference is generating is “of this world”, and he tagged the 2021 edition of the conference as the biggest so far. He estimated that over 50,000 attendees will be at the conference and will give the city a boost.

Miami is the first city in the United States to announce the inclusion of BTC in the city’s balance sheet. Furthermore, it plans to give a payment option of crypto to the city’s employees and allows the citizen to pay their tax in crypto. To achieve this, Suarez said, there will be many hurdles to cross.

The mayor of Miami is sure that the volatility of BTC and ETH must be reduced before the city will include them in the balance sheet. This will occur at the maturity of the market when more users adopt these digital assets and see an increase in the trading volume.

Bitcoin and Ethereum, An Insurance Against Inflation

Suarez noted that volatility is a feature of a growing asset class with no certain trading volume. But he sees a lot of interest in the entire populace. Over 150 million people in the United States alone are holding BTC and ETH, according to Suarez.

The mayor of Miami himself is an investor in the crypto space. He mentioned that he bought Bitcoin and ETH when the price is under $1,500.

With his words, Suarez reiterates that the theory that there will be inflation in the United States Dollar because of the monetary policy that the Federal Reserve is enforcing.

In conclusion, he mentioned that he has plans to buy the dip of BTC and ETH. Currently, the price of ETH is around $2,819, with a steady gain on the daily charts.