Tesla’s Recent BTC Purchase Is Just The Beginning: Miami Mayor Claims

According to Miami Mayor Francis Suarez, Tesla’s recent BTC purchase is just the beginning for bitcoin as there will be other major crypto events following so let’s read more of what he had to say in today’s Bitcoin news.

Miami Mayor Francis Suarez suggested that there are bigger events that are coming up in the crypto world after Tesla’s recent BTC purchase. He expects Bitcoin adoption to surge and that this is only the beginning. Suarez said that the recent Bitcoin purchase by Tesla is a part of the transition into the mainstream culture and he said there will be more groundbreaking events that will transform the entire industry forever:

 “This is really just a metamorphosis and transition into mainstreaming, and I think there are still two or three mega events that are out there.”

Suarez pointed to the impact of the major US government stimulus package that could have on crypto and said:

 “There are estimates that that could create 40% of all the dollars that are in existence. That has the possibility of creating inflation, which again will be something that drives people into crypto.”

This is not the only thing he predicted in the near future. He said that if Amazon starts accepting crypto as a payment method, it will definitely transform the landscape:

 “If that happens, it’s game over. You’re talking about a company that is probably associated with 70% of the transactions that we do in our lifetime.”

This is good news for Suarez because he hopes to run Miami into a crypto hub but also plans to invest in crypto soon:

 “It’s exciting for me to see day in and day out more and more people—mainstream people—that are taking big positions.”

Elon Musk, Tesla’s CEO has been heavily impacting the crypto industry as of late by tweeting about Doge and BTC. In a recent study by Blockchain Research Lab, Musk’s tweets caused about 20% spikes in both Doge’s and BTC’s markets, prompting the questions about whether it is right for influential people like him to impact the markets so significantly. Suarez commented on that question:

 “The market changes up and down every day. Something that somebody says, the President of the United States or the FED Chairman can change values, it’s based on perception.”

As far as BTC is concerned, Suarez suggested that as more people come to buy and own Bitcoin, the ability of the influential people to shift the market will decline. As transactional volume increased on the network, individuals will have less impact on the market.