Francis Suarez, the mayor of Miami, states that Bitcoin (BTC) adoption is already too widespread that local lawmakers and even the US itself would find it extremely difficult to regulate cryptos in a way that it could put impactful restrictions on its users and businesses. While most still implore the need for further crypto regulations, the Miami Mayor believes that such is already too late.
To explain his views, Suarez compared the dominant crypto to the popular ride-sharing platform, Uber, which managed to pose a threat to his city’s taxi industry back when it hit the scene last 2014. At that precise moment in time, hired taxi drivers within Miami-Dade County required a chauffeur’s license before they could operate. In contrast, Uber drivers are permitted to drive without it, making it more appealing to said drivers.
As per the Miami Mayor, there were overwhelming amounts of Uber drivers back then. The police literally did not have enough men to effectively regulate them, forcing them to cut a deal instead with the surging platform. Although the deal favored the platform and its likes more than the city itself, Suarez believed that such a move is the only available option back then – the same seemingly goes for BTC now.
Suarez also confirmed that he has now bought BTC and ETH last March 6. As per Suarez, he will never forget that moment as it was also the day the $1.9 trillion spending bill by Biden passed the Senate. He adds that if the federal government is spending such insurmountable amounts of money, he also needs to have some. His purchases have indeed become profitable already as both digital assets have gone up since.