Bitcoin-friendly Miami mayor quits US presidential race

Francis Suarez’s presidential campaign lasted for just over two months

August 29, 2023 02:17 pm

Humberto Vidal/Shutterstock modified by Blockworks

Miami Mayor Francis Suarez has dropped out of the 2024 US presidential race, making him the first Republican to quit campaigning.

Suarez ended his bid for the White House after spending just over two months on the campaign trail.

Suarez released a statement on X saying that running for the US presidency was one of the “greatest honors” of his life.

“It was a privilege to come so close to appearing on stage with the other candidates at last week’s first debate,” Suarez wrote. “While I have decided to suspend my campaign for President, my commitment to making this a better nation for every American remains.”

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Suarez was perhaps the most outspoken Republican presidential candidate about crypto. His mayoral administration was friendly to CityCoins’ first project, dubbed MiamiCoin.

Suarez also explored giving bitcoin yield to Miami citizens who staked on MiamiCoin, which began trading in August 2021. The token has lost over 61% in value in the last year, per CoinGecko data.

Florida Governor Ron DeSantis has also emerged as a voice in the Republican party on crypto, though his concerns are centered squarely on the introduction of a central bank digital currency (CBDC).

Ultimately, Suarez’s campaign failed to gain much traction.

As Suarez alluded to in his post, his decision to suspend his campaign came days after he mistakenly believed he had qualified for the first Republican primary debate on Aug. 23. He announced prior to the debate that he had met the Republican National Committee’s polling and fundraising requirements.

Nine candidates, including former president Donald Trump who didn’t appear — qualified for the debate. Suarez wasn’t one of them, and Trump continues to outstrip his opponents in public polling.

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