u.today
Miami Mayor Francis Suarez has talked to CNBC about Bitcoin, Elon Musk and the volatility demonstrated by the “digital gold” recently.
The mayor has also unveiled what cryptocurrencies he holds in the portfolio.
Mayor calls Elon Musk a volatility trigger
When talking about the volatility Bitcoin has had this year, when it came crashing down from the $64,863 all-time high reached on April 14 to the $38,852 level where it has been steadily sitting recently, Francis Suarez mentioned that Elon Musk was among the triggers that provoked this volatility (massive BTC growth, in this case).
This is something that has to work itself out with enough transactional volume, things will get more stable, he believes.
The mayor also pointed out that he is a big fan of Elon Musk, however, in no other markets, except BTC, asset price can be propelled up ten to twenty percent just with one tweet of one person.
“Bitcoin is young and easy to manipulate”
The major also admitted that Bitcoin is a young asset and it is easy to manipulate. He again referred to Elon Musk’s tweets and even to his own video under a tweet to do with Bitcoin that received over 7 million views in one day.
However, this also means, the mayor believes, that a terrific number of people are interested in crypto. He cited a recent media report which said that over 150 million people are holding cryptocurrencies in the US.
Here’s what crypto Miami mayor holds
When asked if he owns any crypto, the major responded positively and revealed what digital assets he has in his portfolio – those are Bitcoin and Ethereum.
He bought Bitcoin when it was between the $35,000 and $40,000 level. As for the second largest crypto, he got into ETH when the US Congress announced the $1.9 trillion stimulus program – that was passed on March 10.
ETH was about $1,500 back then, Suarez mentioned, and he also said that back then he was sure that inflation was inevitable and he wanted some kind of a hedge against it.
Suarez also said that he intends to get more crypto on the dip but he has been very busy so far.