New York Mayor-Elect Bats For Cryptocurrency, Seeks First 3 Paychecks In Bitcoin

New York Mayor-Elect Bats For Cryptocurrency, Seeks First 3 Paychecks In Bitcoin

New York Mayor-elect Eric Adams said on Thursday he would take his first three paychecks in bitcoin and signaled his intention to make his city the “center of the cryptocurrency industry” after he takes office in January.

“In New York, we always go big, so I’m going to take my first THREE paychecks in bitcoin when I become mayor,” Mr. Adams wrote in a Twitter post

“NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!” The mayor-elect’s tweet came in response to Miami Mayor Francis Suarez, who wrote in a Twitter message of his own that he would take his first paycheck in bitcoin, the world’s largest cryptocurrency

Adams, a Democrat, will become the second Black mayor of the United States’ most populous city in January after easily defeating Republican Curtis Sliwa, founder of the Guardian Angels civilian safety patrol, in Tuesday’s election.

“It shows you that bitcoin is attracting a wide range of interest and you can now include the New York mayor,” said Edward Moya, a senior market analyst at FX broker Oanda.

“But in the end, Eric Adams is not a very influential person for swaying the people that are on the fence to join the crypto-verse.”

Adams, a Democrat, has said he wanted to turn New York into a crypto-friendly city and that he wants to explore an NYC Coin similar to Miami’s. In an interview on Bloomberg Radio after being elected mayor on Nov. 2, he wagered a “friendly competition” with the mayor of Miami, who was the first to set up a so-called CityCoin cryptocurrency.

Bitcoin

“He has a MiamiCoin that is doing very well — we’re going to look in the direction to carry that out,” Adams said in a Wednesday interview on Bloomberg Radio. He vowed to “look at what’s preventing the growth of Bitcoin and cryptocurrency in our city.”

It was not the first time Adams has raised the prospect of a cryptocurrency competition between the two cities. After winning the Democratic nomination for mayor in June, he delivered a victory speech in which he vowed the city would become “the center of Bitcoins” and “the center of all the technology.”

“Miami, you had your run,” he said.

Working with the nonprofit CityCoins, the Florida city unveiled a cryptocurrency called MiamiCoin in August. CityCoins sends 30 percent of any MiamiCoin created or “mined” on a consumer’s computer to the city. As of September, the program generated $7.1 million (roughly Rs. 52.83 lakh) for Miami, the Washington Post reported.

Efforts to transform New York into a crypto hub may draw scrutiny from New York Attorney General Letitia James, who recently launched a crackdown on unregistered cryptocurrency companies. Last week James announced her candidacy for New York governor. 

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