[Bitcoin Now] Hesitating Around 73 Million Won... Miami Mayor Says "I Will Receive My Salary in Bitcoin"

NFT-related Cryptocurrency Uptrend Also Comes to a Halt

[Image source=AP Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin is stalling around the 73 million KRW mark. The surge in platform-related cryptocurrencies, which soared alongside the non-fungible token (NFT) craze, has also come to a halt. Meanwhile, Francis Suarez, the mayor of Miami, USA, announced that he will receive his entire salary in Bitcoin next month.

According to the domestic cryptocurrency exchange Upbit, as of 3:08 PM on the 3rd, Bitcoin was recorded at 73.86 million KRW, down 0.39% from the previous day. It had risen to 75.59 million KRW the day before but has since declined. Nevertheless, the price did not show a significant drop, falling only to 73.49 million KRW by 2 PM that day.

Cryptocurrencies related to NFTs, which recently heated up the cryptocurrency market, are also declining. The continuous record highs appear to have become a burden. Sandbox, which rose 43.37% the previous day, recorded a 7.73% drop to 3,340 KRW at the same time on this day. PlayDapp also showed a rising trend with a 23.15% increase the day before but fell 7.52% at the same time on this day, showing some slowdown.

Meanwhile, Mayor Suarez announced that he will receive his salary in Bitcoin. On the 2nd (local time), Mayor Suarez responded on Twitter to a question asking, “Which American politician will be the first to receive their salary in Bitcoin?” by saying, “I will receive 100% of my salary in Bitcoin next month.” According to cryptocurrency media CoinDesk, the Miami mayor’s annual salary is $187,500 (approximately 221.53 million KRW), which translates to about 18.46 million KRW per month.

Mayor Suarez is a prominent politician who has advocated for Bitcoin. In June, when Chinese regulators pressured Bitcoin mining companies, Miami lowered electricity rates to attract mining companies. Last month, Mayor Suarez also introduced a policy to pay city workers’ wages in Bitcoin.

This content was produced with the assistance of AI translation services.