As a result of market stress, Bitcoin’s correlation with the NASDAQ has increased this year, with Bitcoin down 38% year-to-date. For Bitcoin, increased regulatory scrutiny added to negative sentiment.
Despite the bearish trend dubbed the crypto winter, crypto advocates remain resolute.
Miami City Mayor Suarez continues to take a bitcoin salary
This week, Mayor Francis Suarez spoke on behalf of Miami at the World Economic Forum in Davos. The crypto advocate reportedly told an audience that he continues to receive a bitcoin salary.
However, the Mayor of Miami said:
“I would like to note for the record that it is not my only salary.”
Add to,
“It’s a different decision to make than if a person decides to take their salary in bitcoin when that’s their only source of income.”
Suarez continued to talk about his focus on the usefulness of cryptos, noting that there is a difference between protecting people from fraud and protecting people from loss.
On the loss issues, Suarez said:
“The government has tried to protect people from casualties over time and you cannot protect people from casualties.”
Mayor Suarez first announced he would be taking a bitcoin salary in November 2021. Back then, Bitcoin was heading towards an all-time high set on Nov. 10 of $68,979 before crashing meteorically. In the crypto winter, Bitcoin slipped to a yearly low of $25,836 from May 12.
While Mayor Suarez took a more pragmatic view of cryptocurrencies, others took the opportunity to continue the crypto bash. Central banks and the IMF have taken an anti-crypto stance for some time, and Davos was no different.
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