Miami Mayor Francis Suarez to Accept Presidential Campaign Donations in Bitcoin

Bitcoin-friendly Miami Mayor Francis Suarez will be accepting donations to his presidential campaign in bitcoin (BTC) , he announced on CoinDesk TV on Friday.

"Officially, my campaign is accepting bitcoin," Suarez said. "This is a process of developing technologies that are going to create democratizing opportunities for wealth creation and are not manipulated by a human being's ulterior motives, political goals, etc." he said.

Supporters can donate as little as 0.00034 bitcoin, or the equivalent of $1, at FrancisSuarez.com, he said.

Suarez was critical of the Biden administration's handling of crypto.

"The biggest mistake that this administration has made is they don't understand crypto, so they have gone to a regulated-by-enforcement mechanism as opposed to set the ground rules," Suarez said on CoinDesk TV. "You have to be able to classify certain digital products, you have to be able to have certain guidelines and rules that are clear with respect to the custody of assets."

Suarez also said that he would ban a central bank digital currency. "Nobody wants the federal government knowing where you have your money and how much money you have ... I don't think that there's anything particularly innovative about that," he said.

Suarez, a Republican, announced his candidacy for president in June, entering a crowded race for the GOP nomination that includes front-runners former President Donald Trump and Florida Gov. Ron DeSantis.

The move to allow bitcoin payments for donations should come as no surprise given that the Miami mayor has long been an advocate for digital assets, specifically bitcoin, which he has said will have a “democratizing impact on the future of wealth for every American.” He has vowed to make Miami a bitcoin hub and has accepted his salary in bitcoin.

Suarez has already experimented with crypto assets in multiple areas, including by launching MiamiCoin (MIA) in 2021, which he planned to someday be used to pay a recurring bitcoin stimulus to Miami citizens, similar to a dividend paid to shareholders of a company.

The cryptocurrency has struggled, however, with its value down about 95% since its launch. But Suarez remains highly involved in the industry and has argued that the country needs a president who understands the technologies around crypto and artificial intelligence.

UPDATE (Aug. 4, 2023, 16:45 UTC): Adds additional quotes.