Francis Suarez, the current mayor of Miami and a well-known Bitcoin (BTC) advocate, had made the headlines across the crypto sphere after announcing that he’s set to receive his next paycheck in the world’s largest cryptocurrency by market capitalization.
The announcement was made through his official Twitter handle after retweeting a post from Anthony Pompliano, another well-known crypto advocate and influencer, who published an open question: “It is time. Who is going to be the first American politician to accept their salary in bitcoin?”
— Mayor Francis Suarez (@FrancisSuarez) November 2, 2021
According to the US government public records, Miami Mayor’s annual salary is $97,000, meaning that he would receive almost $8,000 worth in BTC on his next paycheck (around 0.13 BTC as of press time). In other posts, Mayor Suarez said that he prefers to rely on apps like Bitwage or Strike to convert his fiat into crypto rather than having the local government do it so.
Suarez: A Crypto “HODLER”
His words came in the midst of the United States celebrating the “Election Day,” where Suarez is a frontrunner among six candidates. Still, as some people might have looked at that announcement as a populistic one, it didn’t come as a surprise at all, according to some discussions in social media.
Suarez had told the media that he holds Bitcoin and Ether (ETH). At the same time, he keeps pushing to make Miami a “crypto hub” by attempting to issue crypto-friendly laws, which he had branded as the “most progressive crypto laws” in the country.
Bukele and Crypto Investments
In fact, the Bitcoin 2021 Conference hosted in the city was a groundbreaker for the industry, as El Salvador President Nayib Bukele announced his plans to make the world’s largest crypto by market cap a legal tender in the Central American nation.
Moreover, a flow of investments had entered the city to allocate money into crypto and blockchain-related ventures.
BTC/USD Technical Analysis
While the news is positive for Bitcoin from a broad perspective, its price action remains stuck in a rangebound around the $62,000 level. The 4-hour chart also shows that the 50-period simple moving average acts as a pivot point and, at the same time, a tough nut to crack for the sellers.
The next critical resistance lies at $64,000, which is the latest hurdle ahead of the psychological area of $66,000. However, on the flip side, eyes are on the support zone of $60,000, followed by the 200-period simple moving average at around $58,500.
This article was originally posted on FX Empire