Miami mayor opposes Jamie Dimon, stating that Bitcoin is not useless

Francis Suarez strongly disagrees with Jamie Dimon's view that bitcoin is "useless". The primary cryptocurrency has intrinsic value, while its underlying blockchain technology is "the most secure and decentralized blockchain on the planet," the mayor said.

Suarez vs. Demon

Miami mayor - Francis Suarez - and JPMorgan Chase CEO - Jamie Dimon - are, by all means, in opposite corners when voicing opinions on the merits of bitcoin. While the leading politician is one of the biggest advocates of the leading digital asset, the latter often shouts phrases like "Stay away from bitcoin", "Bitcoin is the fool's gold of the future" or his most recent - "Bitcoin is useless. . "

In a recent appearance at “Varney & Co.”, Suarez explained why Dimon is wrong. He said bitcoin "definitely isn't worthless", noting that its USD value is over $ 50.000. Being bullish as usual, the mayor of Miami predicted that in the future the digital asset "has only one way to go but up".

According to the politician, bitcoin creates excitement among some investors as it is not tied to the fiat system or monetary policy. Therefore, it is no wonder that developing nations around the world with closed economies have turned their eyes to cryptocurrency:

"There is also a wave of countries in Central America, South America and Africa that are starting to adopt bitcoin as their base currency and that could revolutionize the usefulness of bitcoin."

It is worth noting that Suarez is not only a BTC supporter but also a HODLer. In June, he admitted entering the cryptocurrency market by making a personal investment in both Bitcoin and Ethereum.

Subsequently, last month, the mayor of Miami said his administration is working to allow city residents to pay taxes in BTC.

“We want to do it with bitcoin because that's what we know and trust. We believe it is the most verifiable and reliable network out there, ”he concluded.

How is MiamiCoin doing?

Launched in August this year by cryptocurrency developer CityCoins Inc., MiamiCoin is a new digital asset that aims to generate interest in the city's municipal projects. Just like bitcoin, it is decentralized and works with the proof-of-work algorithm.

However, once successfully drawn, 30% of the reward goes to a digital wallet for the city of Miami, Francis Suarez explained. He added that during its more than two months of existence, the asset earned $ 16,5 million:

"In the case of bitcoin, the reward would have gone 100% to the miner, in the case of MiamiCoin 30% goes to a digital wallet for the city and which generated 75 million dollars in 16,5 days."

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