Bitcoin - Miami Mayor to take entire annual $97,000 salary in Bitcoin.

tahoebum

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I don't own any Bitcoin yet but it certainly is becoming a lot more mainstream. Would any of you be willing to get paid from your employer in Bitcoin?


 

Steve2100

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Short term maybe. I have some myself but I would be too nervous with the volatility. All it takes is one tweet from Elon Musk and the stuff tanks!
 

MONTANTK

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This is a good sign for the currency. People are finally starting to buy in and give it real utility. On the flip side, it’s still risky since it’s not tangible and probably never will be.
 

camden_kid

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Just seems too volatile. I also don't understand it really. Both these things make me give it a wide berth.
 

jdtox

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Still a hard pass for me. Until it becomes legit currency I'm not crazy about it. Maybe thats short sighted but its what I think
 

PJSprog

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Absolutely not.
 

Reframmellator

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I have a very small amount in a bitcoin ETF. It's up 18% since I bought it earlier this year. My biggest fear is that governments are looking into issuing their own cryptocurrencies, which probably will not end well for the bitcoin holder.
 

PuffChippy

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Why limit yourself by being paid in Bitcoin? If you want some go cash your paycheck and buy it and if you don't then don't. This is a very different question than 'is digital currency a good investment'. Regardless of your opinion on that, this is just political theater that's not much different than saying you want to be paid in gold bars or company stock. It only matters if you're not going to spend it.
 

tahoebum

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templeton80

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Can you buy gas or groceries or pay for your golf with Bitcoin yet? Short and/or easy answer for that one is no.
But you will look so cool having all that crypto...
 

jbb2388

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Answer to the original question is absolutely.

Bitcoin is only starting. It has great potential in the next 5-10 years.

Just be patient.
Correct but it has great potential right now. Ongoing institutional adoption will drive bitcoin's value along with the fed's mismanagement and debasement of the dollar, negative real rates of return on your country's own debt, inflation eroding the value of the dollars you get paid in by your employer more and more every day....all reasons to hold bitcoin. The fed is just kicking the can down the road. They will eventually run out of road. Stop thinking of it as a digital currency or crypto. It is an asset. A digital store of wealth just like gold and has a one trillion plus market cap right now. Won't be long before it is far more valuable than gold. It is foolish to write it off because you don't understand it. Learn about it. Open your mind.

I have a very small amount in a bitcoin ETF. It's up 18% since I bought it earlier this year. My biggest fear is that governments are looking into issuing their own cryptocurrencies, which probably will not end well for the bitcoin holder.
There were no bitcoin ETF's up until two weeks ago. Unless you're referring to one of Canada's products or possibly the grayscale btc trust which is not technically an ETF. Central bank digital currencies (CBDC's) were inevitable. Many countries are already rolling these out and the US will eventually follow. However, this will only push bitcoin adoption further.
 

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It is the Grayscale bitcoin trust (GBTC).
 

jbb2388

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It is the Grayscale bitcoin trust (GBTC).
Yes, I have positions in that as well. One of my largest holdings in my 401K plan. Also one of the few ways to indirectly purchase BTC outside an exchange. Believe I've read they want to covert to a spot ETF when the SEC gives the go ahead to spot-based ETFs which should reduce the high fees they charge.
 

jbb2388

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BTW, Suarez is one of several politicians accepting their salaries in bitcoin in the hopes of spreading information in regards to it. Miami, Wyoming and Texas are hotbeds for bitcoin-friendly legislation.
 

tahoebum

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BTW, Suarez is one of several politicians accepting their salaries in bitcoin in the hopes of spreading information in regards to it. Miami, Wyoming and Texas are hotbeds for bitcoin-friendly legislation.

I took the plunge and bought some Bitcoin today through the SoFi app and I'm thinking about opening a Coinbase Pro or Bisq exchange account tomorrow but I'm sifting through which app and wallet is best for cyrpto. What is everyone else using? I'm thinking if I commit to investing in crypto I'm going to want something like a Trezor Model T and store it in a safety deposit box.
 

Gman79

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Can you buy gas or groceries or pay for your golf with Bitcoin yet? Short and/or easy answer for that one is no.
Short sided... Easily exchanged for cash...
 

Gman79

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Sounds like a lot of work.
He probably drives a Tesla! I'm sure a CC in Miami would risk taking BTC for dues...

The crazy thing about it is the instability. Like 97k could be $150k if he had enough cash not to spend his check.
 

Yukari

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The problem is at what price point does he get paid by BTC? 12 AM or 11:59 PM or 8:00 AM on the pay day price?

it fluctuates so much, I would think just pay him in $ and let him buy BTC himself.
 

BigDill

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Oh boy, this guy. He’s trying to promote Miami as the new tech hub. We even have “Miami coin” that people can buy to help fund city projects.

He is without a doubt going to accept his salary in Bitcoin. But he also gets paid by two private sector, one being a law firm, so I think he will be ok. This is like telling your boss you want your bonus in Bitcoin.
 

jbb2388

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I took the plunge and bought some Bitcoin today through the SoFi app and I'm thinking about opening a Coinbase Pro or Bisq exchange account tomorrow but I'm sifting through which app and wallet is best for cyrpto. What is everyone else using? I'm thinking if I commit to investing in crypto I'm going to want something like a Trezor Model T and store it in a safety deposit box.
Nice man! You can buy through the Cash app and Venmo as well but their fees are higher. Coinbase pro or Gemini have lower fees than a regular coinbase account. FTX US or Binance US work as well depending on what state you reside in. Binance is not allowed in CT where I live and six other states I believe due to their specific banking regulations. Once purchased you can then transfer to whichever wallet you like. I use trust wallet but a cold storage solution like Trezor or some other multi key solution.
 

MWard

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Can you buy gas or groceries or pay for your golf with Bitcoin yet? Short and/or easy answer for that one is no.
You can, actually. Coinbase debit card. You own the crypto, you specify what cryptocurrency you want to pay with. You buy something, they sell that amount to pay your bill. No different then using a credit card in another country.
 

MattyD-MPLS

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I am guessing this is a secondary income stream for him so it makes a lot of sense.

I still don’t get it completely so I am out.
 

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