Bitcoin-loving mayor of Miami, <a href="https://www.cryptoknowmics.com/news/miami-mayor-endeavors-to-broaden-use-of-cryptos-after-taking-payment-in-bitcoin/">Francis Suarez</a> revealed that he’s planning to take some of his 401K retirement savings in his favorite cryptocurrency.
<h2 class="title21"><b>Miami Mayor to Take Part of his 401K Retirement Funds in Bitcoin</b></h2>
<a href="https://www.realvision.com/blog/miami-mayor-bitcoin-401k" target="_blank" rel="nofollow noopener">Speaking</a> to RealVision’s Samuel Burke at a blockchain conference in Las Vegas from Dec. 9 to 11, Miami mayor Francis Suarez said that he would like to take his retirement savings in Bitcoin. He announced this just a month after he started accepting part of his salary in BTC.

He revealed that he would eventually take part of his retirement savings in BTC based on his “personal choice” with no influence from anyone.
<blockquote><em>“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.” </em></blockquote>
A 401(k) is a long-term retirement savings investment plan in the U.S., where an employer deducts an employee contribution directly from their salary before tax deductions.

A company called ForUsAll is pioneering Alt401(k), which allows 5% of a retirement-savings portfolio to be invested in cryptocurrency, following research from Yale University and FTSE/Russell University on favorable returns. In addition to Bitcoin, Alt401(k) offers investors exposure to 40 cryptocurrencies.
<h2><strong>Bitcoin-Friendly Mayor</strong></h2>
In October, Suarez said that he was building Miami into America’s crypto capital. He also told Chinese miners to relocate to Miami and leverage Florida’s abundant nuclear energy after China<a href="https://www.cryptoknowmics.com/news/charlie-munger-wishes-crypto-didnt-exist-praises-china-for-its-decision-to-ban-them/"> banned bitcoin mining</a>.

Last month, Suarez revealed he was utilizing the third-party payment processor Strike to get a portion of his paycheck converted into bitcoin. Additionally, a growing number of mayors in cities across the U.S. have also shown interest in getting paid in bitcoin.

Recently, he revealed his intention to pay out annual Bitcoin yields to citizens of Miami from an open-source crypto initiative called MiamiCoin and has already earned over $21 million.

Miami Mayor Reveals Plans to Take His Retirement Savings in Bitcoin

Bitcoin-loving mayor of Miami, Francis Suarez revealed that he’s planning to take some of his 401K retirement savings in his favorite cryptocurrency.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Miami Mayor Reveals Plans to Take His Retirement Savings in Bitcoin

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