GOP Candidate Francis Suarez, Backer Of Failed Miami Coin, Wants Your Donations In Bitcoin

Miami Mayor and U.S. Presidential candidate Francis Suarez is known for his pro-Bitcoin BTC/USD stance, especially if it's in the form of a campaign donation.

What Happened: "Officially, my campaign is accepting Bitcoin," he announced on CoinDesk TV.

Contributors can now make a minimum donation set at 0.00034 BTC, equivalent to $1, via Suarez's website.

Suarez also emphasized his belief in the potential of emerging technologies to democratize wealth creation.

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Suarez expressed his dissatisfaction with the Biden administration's approach to cryptocurrency regulation.

"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," he criticized.

In March 2022, President Joe Biden signed an executive order outlining a plan for "responsible development" of digital assets.

Suarez, a Republican, also stressed the need for clear guidelines and rules for classifying digital products and managing asset custody. However, he opposes a Central Bank Digital Currency (CBDC), arguing that it lacks innovation and infringes on financial privacy.

"Nobody wants the federal government knowing where you have your money and how much money you have," he said. "I don't think that there's anything particularly innovative about that."

Why It Matters: Suarez, who announced his presidential bid for the 2024 election in June. So far, his competition includes former President Donald Trump, the front-runner, and Florida Governor Ron DeSantis, whose support is dwindling.

Vivek Ramaswamy, another GOP candidate, is gaining support among Republican primary voters.

Suarez's decision to accept Bitcoin donations aligns with his long-standing advocacy for digital assets, particularly Bitcoin. He has previously committed to making Miami a Bitcoin hub and has even accepted his salary in Bitcoin.

In his ongoing exploration of cryptocurrencies, Suarez launched a city-branded cryptocurrency called MiamiCoin MIA/USD in 2021. Since then, the coin's value plummeted by about 95%, and it was delisted from OKCoin, the only exchange that hosted it.

Read Next: Revolut Pulls Plug On Crypto Trading In US, Blames 'Changing Regulatory Climate'

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