New York Mayor-Elect Eric Adams has revealed that he plans to collect his first three paychecks as Mayor in Bitcoin. The mayor-elect is leaning towards the largest and most popular crypto as part of his commitment to make New York City the hub of cryptocurrencies and digital finance.
Responding To Mayor Suarez
Adams has won a landslide victory in New York’s mayoral election and made the pledge after Francis Suarez, the Mayor of Miami, revealed plans to collect his first paycheck in Bitcoin.
Adams took to Twitter to announce his plans, stating,
“In New York, we always go big, so I’m going to take my first THREE paychecks in bitcoin when I become mayor. NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!”
Adam’s tweets came in response to Miami Mayor Francis Suarez, who had earlier taken to Twitter to announce that he would be taking his first paycheck as mayor after re-election in Bitcoin. Suarez has been a champion of Bitcoin and other currencies and has pledged to make Miami a hub for cryptocurrencies and tech innovation.
While Adams has shown his commitment towards cryptocurrencies, it is not clear how the mayor would access his initial paychecks once he assumes office on 1st Jan. A spokesperson from the city’s Office of Management and Budget revealed that he was unsure about the viability of the proposal and deferred the question to another spokesperson.
A Signal To Investors
The announcement from the mayor-elect is being seen as hugely symbolic and is less about changing the payroll options in a city and more of a signal to investors that New York is open for business. The mayor-elect has promised his constituents that under his administration, the city will no longer be seen as anti-business as he looks to move the city away from Mayor Bill de Blasio’s frosty relationship with businesses and financial leaders.
Some Friendly Competition
This is not the first time that Adams has mooted a cryptocurrency competition between Miami and New York. Back in June, when Adams won the democratic nomination, he had stated in his speech that he would make New York the “Centre of Bitcoins” and the “Centre of technology,” stating.
“Miami, you had your run.”
However, the efforts to make New York into a hub for crypto could draw the ire of New York Attorney General Letitia James, who has already launched a significant crackdown on unregistered cryptocurrency companies in New York. James has also announced her candidacy for New York Governor.
Mayor Suarez Pivoting Towards Cryptocurrencies
Mayor Suarez has significantly increased Miami’s profile with a rousing endorsement of cryptocurrencies. Miami hosted the world’s largest cryptocurrency conference and has received over $7 million from MiamiCoin.
Suarez and the city of Miami have partnered with the non-profit CityCoins and revealed MiamiCoin in August of this year. CityCoins sends 30% of any MiamiCoin mined to the city, with the city netting over $7 million so far from this initiative.
Mayor Suarez Intends To Collect Paycheck In BTC
Mayor Suarez had taken to Twitter to announce that he plans to receive his first paycheck in BTC while tagging Miami’s director of innovation and tech, Mike Sarasti, to help him make this a possibility. The announcement was made in response to Anthony Pompliano, who called on American politicians to start accepting payments in crypto.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.