Mayor of Miami, Florida · Pop. 442K
All Promises (3)
Target: $60M/year in crypto revenue; replace city taxes
Actual: MiamiCoin lost 99% of value; exchange suspended trading; ~$5M total (not $60M/year)
MiamiCoin lost 99% of its value. The only crypto exchange supporting MiamiCoin suspended trading in 2023. While the city initially received about $5 million, the promise of $60 million/year in ongoing revenue and replacing city taxes was never realistic. Suarez was the first mayor to accept his salary in bitcoin but his constituents who invested in MiamiCoin suffered significant losses.
Source: Truthout, Fox Business, New Times Miami
Full analysis →Target: $400M deployed on climate resilience
Actual: Bond passed; projects underway but deployment pace behind schedule
The Miami Forever Bond passed and has funded significant infrastructure projects including road elevation, pump stations, and seawall improvements. However, sea levels have risen nearly 6 inches since the 1990s with projections of 17 more inches by 2040. Bond funds have been deployed more slowly than planned, and some critics argue the spending hasn't kept pace with the accelerating threat. The climate adaptation portion of the bond was real and substantive.
Source: Miami Forever Climate Ready program, The Invading Sea, city bond reports
Full analysis →Target: Major tech hub status
Actual: Genuine tech growth but smaller than promised; crypto bust hit hardest
Miami did see a genuine influx of tech companies and venture capital, with firms like Founders Fund, Keith Rabois' Khosla Ventures outpost, and numerous crypto/fintech startups establishing Miami offices. The Wynwood tech scene grew substantially. However, many relocations were crypto-related and contracted during the 2022-2023 downturn. Miami's tech sector remains smaller than Austin, Denver, or Seattle, and Suarez's presidential campaign distracted from local governance in 2023.
Source: Bloomberg, The Economist, Fintech Leaders
Full analysis →