Miami’s Bitcoin-bullish Mayor, Francis Suarez, remains faithful to the asset after the collapse of one of the world’s largest crypto exchanges shook confidence in the industry.
The mayor suggested that Bitcoin can still provide numerous benefits not offered by the fiat currency system.
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During an interview with CNBC on Friday, Suarez was asked if he believed regulators were to blame for allowing the FTX catastrophe 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 markets overseas.
Suarez, however, chose not to point fingers.
“When people lose money, and things don’t go the way that they expect, everyone wants to blame someone,” the mayor said. “We live in a capitalist country, where people risk capital. Sometimes it works out for them, sometimes it doesn’t.”
Part of Suarez’s enthusiasm around Bitcoin from a belief in its potential to spread free market principles across the world. In December 2021, he claimed Bitcoin could “eradicate communism on the planet, liberate people and democratize their choices,” thanks to its immunity to monetary debasement.
