The long-standing mayor of Miami Francis Suarez reportedly disclosed details of his initiative to receive a particular percentage of his 401(k) payout in Bitcoin (BTC).

Specifically, only a month after the first lawmaker in America said yes to a BTC-based salary payout, Suarez is reportedly going to the same thing for a part of his retirement savings, based on “a personal choice”. 

“I just think it is a good asset to be invested in. I think it’s one that’s obviously going to appreciate over time. It’s one that I believe in.” The mayor further claimed via an interview with Real Vision. 

Suarez reportedly emphasized that Bitcoin’s success will have a close connection with the confidence in the system, which functions inherently as an “open-source, un-manipulatable system”. 

The mayor also shared that he begins his journey of a Bitcoin-based salary payout with the help for the facilitation work from the third-party payment processor Strike.

The mayor additionally claimed that Bitcoin has reportedly also been added to the list of recognized payment measures from Miami residents for the city authority. 

While the Mayor deep-dives into the wide range of options for allowing the Bitcoin payments for retirement savings, Suarez expressed a certainty to introduce a relevant system by 2022.

In a bid to accelerate Miami’s Bitcoin adoption drive, Mayor Suarez reportedly revealed specifics to his initiatives on Nov. 12, regarding offering Bitcoin yield as a dividend straight to each eligible Miami resident.

The city of Miami will take charge of the distribution and division work of the BTC yields to residents earned by staking its in-house cryptocurrency, MiamiCoin, which was previously released by Citycoins, to financially support municipal initiatives via generating yield.