Miami Mayor Francis Suarez is pushing to make bitcoin a part of his city's economic future, and in an interview with "Axios on HBO," he pushed back against the economic orthodoxy of people like Treasury Secretary Janet Yellen who say it's a bad idea.
Why it matters: Miami's inclusion of bitcoin as a way to pay city employees or as part of the city's emergency cash holdings, as Suarez has proposed, would add legitimacy to the cryptocurrency and further entrench it in the U.S. economic system.
Miami Mayor Francis Suarez's ambitions to attract Big Tech has generated a lot of headlines — but it will likely come with some negative impacts for current residents, for which the mayor admits there may not be solutions.
What he's saying: "Gentrification is real," Suarez told "Axios on HBO." But even with his efforts to promote affordable housing, he argues that "government has a limited amount of resources and a limited amount of ability to stop things that are market driven."
President Trump's haphazard war on Chinese tech has left the Biden administration with a raft of unfinished business involving efforts to restrict Chinese firms and products in U.S. markets.
Why it matters: The Chinese and American tech industries are joined at the hip in many ways, and that interdependence has shaped decades of prosperity. But now security concerns and economic rivalries are wrenching them apart.