As the 2022 World Economic Forum (WEF) in Davos officially begins, Miami Mayor Francis Suarez are openly voicing their views and experiences with the novel asset class.
Suarez specifically said during a World Economic Forum panel on May 25 that he was still receiving his salary in Bitcoin (BTC), despite the collapse of the TerraUSD stablecoin and the negative streak that had wrecked the whole crypto market and taken Bitcoin down with it.
“I will note, for the record, that it’s not my only salary. It’s a different decision than if a person was deciding to take their salary in Bitcoin if it was the only source of income for them,” he explained.
The Miami Mayor agreed to receive his salary in Bitcoin last year, but cautioned against the significant risk and volatility associated with investing in such assets.
Meanwhile, the European Central Bank (ECB) showed that crypto assets were owned by one out of every 10 families in the Eurozone, with the wealthier owners just slightly more likely to have them than the poor.
Finbold highlighted a poll by payment platform Paysafe in mid-January 2022, according to which 55 percent of crypto holders in the US and UK claimed they preferred to earn their income in digital assets.
According to the Federal Reserve’s latest poll, “Economic Well-Being of US Households in 2021,” 12 percent of U.S. adults owned crypto as of 2021.
The International Monetary Fund (IMF) is wary of digital assets, with its chief warning at a Davos panel against confusing crypto goods with currencies, because anything that isn’t backed by a sovereign guarantee can’t be called a currency.
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