Crypto crash has not deterred Miami Mayor from accepting Bitcoin as his salary. Why?

Sahana Kiran

Over the last couple of years, an array of individuals took the orange pill. Bitcoin [BTC], previously disregarded by several governments, finally managed to attain the attention of numerous lawmakers. While some have continued to bad-mouth the world’s largest cryptocurrency, a few others have openly embraced BTC. Miami’s Mayor Francis Suarez belonged to the latter. Suarez emerged as one of the first government officials to embrace Bitcoin by accepting his salary in it. A slew of lawmakers followed suit and started taking their salary in BTC.

The latest crypto carnage instigated by Terra left the entire market at loss. As the market succumbed to the bears, individuals began panic-selling their crypto. Suarez, however, clenched his holdings and revealed that he still takes his salary in BTC.

Speaking at the World Economic Forum that is taking place in Davos, Switzerland, Suarez said,

“I will note, for the record, that it’s not my only salary. It’s a different decision than if a person was deciding to take their salary in Bitcoin if it was the only source of income for them.”

Extreme fear continues to haunt the Bitcoin market

Bitcoin’s plummet to a low of $26k instilled fear in the entire market. While the king coin did bounce back, $30k seemed to be a rather difficult hurdle to pass. As the asset tries to pave its path toward recovery, the community seemed to be spooked. The Bitcoin Fear and Greed Index revealed that the market’s sentiment inclined towards ‘extreme fear’.

This has been the sentiment for the last couple of weeks.

It can be noted that this sentiment is likely coming from the average Joe as opposed to Bitcoin biggies. Despite the crash, institutional investors and prominent crypto personalities have remained calm. Even Suarez seemed to be bullish regarding the fate of BTC as he continues to accept his salary in BTC.

El Salvador’s President, Nayib Bukele went on to buy the dip and added more BTC to the country’s reserve. Billionaire Ray Dalio recently revealed that he still owned some BTC. Similarly, other institutional investors have been holding on to their Bitcoin.

Despite this bullish notion, Bitcoin dropped below $30k once again. At press time, BTC was trading for $29,756 with a dainty daily surge of 1.29 percent.