- Bitcoin has become too big to regulate in the traditional way, just like Uber was in the early days, the mayor of Miami City believes.
- The mayor also revealed that he purchased Bitcoin and Ethereum when the stimulus bill passed and will buy some more if another one passes.
There has been a lot of debate on how to best regulate cryptocurrencies. However, according to the mayor of one of the most renowned cities in the U.S, it might be too late. The mayor believes that authorities can’t regulate Bitcoin in the traditional way and must adapt quickly to the new financial system.
— Ethereal Summit (@EtherealSummit) May 7, 2021
The mayor, who has continued to push for crypto adoption in his city, pointed out that the U.S has lagged behind in regulating crypto. As such, it risks seeing Bitcoin becoming too big to regulate.
Regulation of Bitcoin and crypto, in general, reminds me of how governments were unable to regulate Uber.
The mayor noted that in 2014, there were so many Uber drivers who flocked to Miami that “there literally were not enough police officers or code enforcement agencies/agents to regulate the Uber drivers…We ended up having to make a deal with Uber.”
In the same way, there are tens of millions of Bitcoin holders in the U.S at the moment. The government isn’t going to be able to shut down all their computers and deny them access to their crypto.
It’s not going to happen. It’s beyond the realm of regulation.
“I first bought Bitcoin because of the government stimulus”
Mayor Suarez has pushed for the adoption of Bitcoin, not just by the Miami residents, but also within his government. He has proposed that some of the city government workers receive their salaries in Bitcoin. He has also continued to push for policies that attract crypto firms. Recently, in one of the biggest deals ever, FTX exchange signed a 19-year sponsorship deal with the Miami Heat NBA franchise.
But when did he first get into Bitcoin? He revealed:
I will never forget the moment. It was the day that the $1.9 trillion stimulus bill passed from the Senate and it was going to the president. That’s when I said, “I’m buying, and that’s it.” If the federal government can spend $1.9 trillion, then I think I need to have some crypto.
On what cryptos he bought, the mayor revealed, “I bought Bitcoin and Ethereum. I didn’t buy Doge.”
President Biden signed the $1.9 trillion stimulus bill on March 12. At the time Bitcoin was trading at around $57,000. Since then it shot up to a new all-time high just shy of $65,000. At press time, it’s trading above $58,900, which means the mayor has made some modest gains.
The biggest gains the mayor has made have been on Ethereum. In mid-March when he acquired ETH, it was trading at around $1,800. At press time, the asset is trading at $3,560, twice the value. Had he bought Dogecoin, his gains would have been much bigger. DOGE was trading at $0.056 at the time. It’s now trading at $0.7122, a 1,170% gain in that time.