As Bloomberg reports, Miami Mayor Francis Suarez continues to earn a salary in the first cryptocurrency amid the nearly 40% drop in the price of Bitcoin over the past two months.

Speaking at the World Economic Forum in Davos, the politician made the following statement:

“I will note for the record, this is not my only paycheck. This is a little different than when someone decides to get paid in cryptocurrency as their sole source of income.”

He noted that he focuses on the practical value of digital gold, so the collapse of the TerraUSD stablecoin did not change his plans for the development of the crypto industry in the city.

Announcing his intention to get paid in Bitcoin last year, Suarez warned that consumers should be aware of the high risks and volatility associated with digital assets in addition to the profit opportunities.

According to him, there is an important difference between protecting people from fraud and loss. He also noted that there is “major volatility” in the stock markets of tech companies, for example.

“Over time, the government has developed a tendency to try to protect people from loss, but that is not possible. “It is the American system that creates the investment, the risk-to-reward component,” Suarez said.

Recall that in November 2021, the newly elected mayor of New York, Eric Adams, supported his colleague’s initiative by saying that he planned to receive the first three salaries in bitcoin.