Recall, a 401(k) is the most popular retirement plan in the US private pension system. A 401(k) allows you to contribute a portion of your salary before income taxes to a retirement savings account. In addition, funds in a 401(k) are often used in investments. That is, in addition to regular savings, the account grows at an average annual rate of 9 percent through contributions to stocks, bond funds and other securities.

That said, Suarez has been known among cryptocurrency enthusiasts for quite some time, and his love of Bitcoin is no longer surprising. Moreover, in August 2021, the city’s leadership announced the launch of its own cryptocurrency, the interaction with which involves rewarding users in BTC. It will come in handy for financing various city initiatives, infrastructure development, and so on. Read more about the unusual idea in a separate article.

Who gets a pension in cryptocurrency?

Suarez’s salary as mayor will also be convertible into BTC, he announced almost a month ago. At the time, Francis Suarez made history as one of the first American politicians to have a significant portion of his income generated by crypto. The move to a Bitcoin 401(k) pension plan was Suarez’s “personal choice”.

Here’s the politician’s viewpoint, in which he shares his take on the situation. The speech is cited by Cointelegraph.

I just think it’s a great asset to invest in. It’s one of those things that only gets more expensive over time. I believe in Bitcoin.

Accordingly, judging from the contents of the quote, Suarez's goal is primarily to make money. At the same time, increasing the value of the asset will combat the effects of inflation, which are now very noticeable in the US. In particular, the rate stood at 6.8 per cent at the end of November - the biggest increase since 1982.

Miami Mayor Francis Suarez

Suarez stressed that Bitcoin’s success is closely tied to trust in the system, with it being inherently “a decentralised, open-source network that cannot be manipulated”. The mayor said that it has already started receiving its first salaries in BTC using Strike, a third-party payment processor.

Accordingly, "getting paid in Bitcoin" is essentially an instant purchase of cryptocurrency after getting paid in dollars. It's better than nothing, though.

The promotion of crypto in the US is also visible at a higher level: the day before, Florida Governor Ron Desantis proposed the possibility of state fees in the form of digital assets being paid by local businesses. He also added that the authorities are planning to launch pilot programmes to explore the use of blockchain technology to track car records, as well as to test Medicaid settlements.

Florida Governor Ron Desantis

As noted by CryptoPotato, Desantis’ proposal appeared in the budget form he generated for 2022-2023. According to the politician, there is no reason for the state to restrict businesses from directly paying state fees in crypto directly to the State Department. In addition, the governor plans to allocate $250,000 from the general budget to support a Blockchain Title pilot program at the Department of Highway Safety and Transportation.

Desantis believes that cryptocurrency-based technology is in a position to help in monitoring vehicle records. Moreover, he suggests that blockchain could be implemented at the Florida Health Care Authority, as the technology could authenticate Medicaid transactions and quickly detect potential fraudulent schemes.


We believe that the above developments are just a small part of the scenarios for the popularisation of Bitcoin, other cryptocurrencies and blockchain in general that await the world in the near future. Obviously, over time, more and more well-known figures will prefer to be paid in Bitcoin or other digital assets. And while the latter fluctuate dramatically in value, such coins are in any case less susceptible to inflation because of their limited maximum supply or even deflationary nature. And that's very relevant given what's going on with the dollar and other fiat currencies today.


What do you think about it? Share your opinion in our Millionaire Crypto Chat. There we will talk about other topics that affect the world of digital assets in one way or another.