Miami mayor says Musk exposed a big problem with Bitcoin

Francis Suarez, the mayor of Miami, who has always been known for his support for Bitcoin, said on Thursday that he is a "big fan" of Tesla CEO Elon Musk, but he believes that it is a problem that a single tweet from Musk can cause a 10% to 20% fluctuation in the price of Bitcoin.
He explained that this price volatility shows that Bitcoin cannot be used as a hedge against fiat currencies.
“When one person posts a tweet and it can send the price of a particular asset spiraling to that level — you know, 10%-20%, not 1%, 2%, or 3%… You know, everything has volatility, commodities have volatility, the dollar has volatility, but not like this. Once there’s enough volume and more stability, I think it could become a hedge against fiat currencies.”
Suarez said earlier this year that he hopes Miami can replace Inner Mongolia as the global center of Bitcoin mining. He also plans to use Bitcoin to pay the salaries of Miami city government employees and is considering using Bitcoin to fund his re-election campaign.