Miami Mayor Francis Suarez believes that bitcoin should be seen in terms of technological innovation and not just as an investment asset. He said so at the World Economic Forum (WEF) in Davos.
“We live in a world where investors look at things only from a profit perspective, but bitcoin should be seen from an innovation and technology perspective,” he said.
Suarez added that volatility is part of the crypto ecosystem and is common among emerging and nascent technologies.
He noted that the volatility debate is only prevalent during a bear market.
The mayor said that the price of bitcoin will eventually become stable when it moves from an asset class to a form of “currency.”
“Bitcoin is currently behaving as an asset class, but it will eventually become a currency. Once its currency aspect comes to the forefront, I think the price will also stabilize. Who can we trust today? The politicians? The bankers or the politicians? This is where bitcoin impresses, even though it was invented by man, it was designed to follow a set of codes that cannot be changed,” he concluded.