The Mayor of Miami, Francis Suarez, has called on Americans to make sure the next president is pro-bitcoin.
Speaking at the Bitmain Digital Mining Conference on Thursday, Suarez ended his speech by challenging the public. He said: “Go out there and elect the next President of the United States to be a pro-bitcoin president.”
Suarez is one of the most prominent US politicians advocating for further cryptocurrency integration, as he seeks to make Miami the bitcoin capital of the world.
A Bitcoin President?
During his speech, Suarez touted his city as a leader in bitcoin integration. He noting Miami’s proposals that could see its residents pay taxes in bitcoin, and his own resolution that could allow the city to add bitcoin to its balance sheet.
Suarez’s comments come as US legislators remain on the verge of passing a $1 Trillion Infrastructure Bill, criticised by many in the cryptocurrency industry over its tax-reporting implications.
However, would it make sense for a presidential candidate to adopt a pro-cryptocurrency stance?
According to a poll of 4,912 US residents conducted by YouGov, just 27% of Americans are in favour of making bitcoin a legal tender. This view also runs closely across party lines. 29% of Democrats and 26% of Republicans either strongly supported or somewhat supported the acceptance of bitcoin.
As for lobbying, OpenSecrets reported the cryptocurrency lobby has already spent $2.4m in 2021. The total lobbying expenditure in 2021 from the financial, real estate, and insurance sector is over $245 million.
Very few US politicians have come out with an explicit pro-cryptocurrency stance. Wyoming Senator Cynthia Lummis (R-WY) is among the leading cryptocurrency advocates on Capitol Hill. Lummis partnered with Senators Pay Toomey (R-PA) and Ron Wyden (D-OR) to draft a pro-cryptocurrency amendment to the Infrastructure Bill.
Of those already touted for a potential 2024 Presidential run, Senator Ted Cruz (R-TX) is likely the most ‘pro-Bitcoin’ candidate. In early August, Cruz took to the Senate floor to criticise the cryptocurrency aspects of the Infrastructure Bill, stating:
When it comes to particularly ugly legislation, this component, the regulation of cryptocurrency, may take the prize for the ugliest we have seen.