Miami Mayor Francis Suarez Still Believes in Bitcoin Despite FTX Collapse

• Despite the collapse of the world’s largest crypto exchange FTX, Miami Mayor Francis Suarez is still a Bitcoin believer.
• Suarez believes that Bitcoin can provide numerous benefits not offered by the fiat currency system, and that much of the panic surrounding FTX and crypto is “media driven.”
• Suarez suggests that regulators should provide more clarity for the industry in order to prevent similar disasters from happening in the future.

Despite the recent collapse of FTX, one of the world’s largest crypto exchanges, Miami Mayor Francis Suarez remains a Bitcoin believer. The mayor believes that the asset can provide numerous benefits not offered by the fiat currency system, and that much of the panic surrounding FTX and crypto is „media driven.“

In an interview with CNBC on Friday, Suarez was asked if he thought regulators had played a role in allowing the FTX disaster to develop and eventually explode. Certain industry leaders, such as Coinbase CEO Brian Armstrong, have blamed a lack of regulatory clarity in the U.S. for driving the industry to unregulated venues. Suarez believes that regulators should provide more clarity for the industry in order to prevent similar disasters from happening in the future.

The mayor is a firm believer that the asset can still provide numerous benefits to the economy, such as increased efficiency, transparency, and liquidity. He also believes that the asset has the potential to replace the dollar as a global reserve currency.

However, Suarez does acknowledge the risks associated with investing in the asset. He urges investors to be aware of the volatility of the asset and to only invest what they can afford to lose. He also believes that investors should conduct their own due diligence before investing in the asset.

Despite the recent collapse of FTX, Suarez is still a firm believer that Bitcoin can be a major game-changer for the economy. He believes that the asset can provide numerous benefits not offered by the fiat currency system and that regulators should provide more clarity for the industry in order to prevent similar disasters from happening in the future. He also urges investors to be aware of the risks associated with the asset before investing.