Francis Suarez reminded people that volatility plays an equal role when the market is going up, but the concerns only come up during bear markets.
Miami mayor Francis Suarez believes that Bitcoin (BTC) should be seen from an innovation perspective rather than just as an investment asset.
Suarez’s comments came during his discussion on “The Future of Crypto” on the third day of the ongoing World Economic Forum (WEF) 2022 at Davos. He said:
“We live in a world where investors only look at things from a return perspective, but Bitcoin should be seen from an innovative and technology perspective.”
When asked about his views on the volatility debate in the crypto market, Suarez said that the phenomenon is a part of the crypto ecosystem and has been common among evolving and nascent tech.
He reminded people that although the volatility debate seems to be prevalent only during a bear market, it plays a key role when the market is going up as well.
He also claimed that the Bitcoin price would become stable over time when it would shift from being an asset class to a form of “currency.” He explained:
“I will talk from the Bitcoin perspective since it’s the original cryptocurrency. Currently, it is behaving like an asset class, but over time it would move towards being a currency. Once its currency aspect takes center stage, I think the price will stabilize as well.”
When enquired about the reason behind his support for BTC, Suarez said:
“Who can we trust today? Politicians? The bankers or policymakers? This is where the likes of Bitcoin are making a mark, even though invented by a human it has been designed to follow a set of codes that cannot be altered.”
Suarez was joined by Crypto Council for Innovation CEO Sheila Warren, who agreed with the Miami mayor on the Bitcoin debate and said “[Bitcoin] has proved its mettle by sustaining through several price cycles and its current price speaks volumes of its cycle.”