There has been a lot of debate about how to better regulate cryptocurrencies. However, according to the mayor of one of America's most renowned cities, it may be too late. The mayor believes that the authorities cannot regulate Bitcoin in the traditional way and must adapt quickly to the new financial system.
Mayor Francis Suárez, who rose to fame for his love and support of cryptocurrencies, spoke at the recent Ethereal Summit.
The mayor, who has continued to push for the adoption of cryptocurrencies in his city, noted that the United States has lagged behind in regulating cryptocurrencies. As such, you risk Bitcoin becoming too big to regulate.
"The regulation of Bitcoin and cryptocurrencies, in general, reminds me how governments could not regulate Uber."
The mayor noted that in 2014, there were so many Uber drivers flocking to Miami that "there were literally not enough police or enforcement agencies / agents to regulate Uber drivers … We ended up having to make a deal with Uber." .
In the same way, there are tens of millions of Bitcoin holders in the United States right now. The government will not be able to shut down all of your computers and deny you access to your crypto.
"It's not going to happen. It is beyond the scope of regulation ”.
"I bought Bitcoin for the first time due to government stimulus"
Mayor Suarez has pushed for the adoption of Bitcoin, not only by Miami residents, but also within his government. He has proposed that some of the city government workers receive their salaries in Bitcoin. He has also continued to push for policies that appeal to crypto companies. Recently, in one of the biggest deals in history, the FTX Exchange signed a 19-year endorsement deal with the NBA franchise Miami Heat.
But when did you first get into Bitcoin? He revealed:
“I will never forget the moment. It was the day the Senate passed the $ 1.9 trillion stimulus bill and it went to the president. That's when I said, "I'm buying, and that's it." If the federal government can spend $ 1.9 trillion, then I think I need to have some crypto. "
On the cryptocurrencies he bought, the mayor revealed: “I bought Bitcoin and Ethereum. I didn't buy Doge. "
President Biden signed the $ 1.9 trillion stimulus bill on March 12. At the time, Bitcoin was trading at around $ 57,000. Since then, it has shot to a new all-time high just below $ 65,000. At press time, it is trading above $ 57,300, which means the mayor has made some modest gains.
The mayor's biggest achievements have been on Ethereum. In mid-March, when it acquired ETH, it was trading at around $ 1,800. At press time, the asset is trading at $ 3,860, double the value. If you had bought Dogecoin, your earnings would have been much higher. DOGE was trading at $ 0.056 at the time. It is now trading at $ 0.49, a 1,000% gain at the time.