NYC Mayor to Take Salary in Bitcoin, Want Crypto-Friendly City

Politicians are giving Bitcoin the vote of confidence as New York’s mayor-elect, Eric Adams agrees to take his first three paychecks in Bitcoin, following the footsteps of Miami’s mayor, Francis Suarez

By
Chung Yee
on
November 6, 2021
Category:
Breaking News

Big Plans For New York Mayor

Mayor-elect, Eric Adams jumped into the Bitcoin bandwagon by agreeing to take his first three paychecks in Bitcoin in his response to Francis Suarez’s tweet. The mayor-elect hints of big plans for the cryptocurrency industry for New York in the same reply. 


Source

The vote of confidence for Bitcoin soon gained momentum when several other mayors followed suit. Mayor Scott Conger acknowledges that although the state laws prohibit the payment of his salary in Bitcoin, he will instantly convert his next paycheck to Bitcoin. Tampa Bay’s major, Jane Castor, made a similar commitment to be paid in Bitcoin.

Although such adoption will not move the price or substantially increase the rate of adoption for Bitcoin, the underlying message is clear. Taking paychecks in Bitcoin is stamping the belief that Bitcoin is the ultimate store of value and is a safe hedge against the US dollar. 

Eric Adams's pro-crypto stance is a clever move to draw attention to crypto community and it is a lure for crypto related projects to operate from New York. 

Source: New York City is potentially a booming crypto innovation hub with the right policies


Crypto-Friendly City 

New York under the stewardship of Eric Adams is likely to see crypto friendly initiatives that will further spur adoption. Adams has openly acknowledged the success of MiamiCoin in an interview with Bloomberg Radio on Wednesday and is looking in the same direction. 

Francis Suarez, introduced MiamiCoin, a crypto project that has been hailed by many as a game changer. The vision is to enable the government to run even without its citizens paying taxes. This vision may not be far from being realized as MiamiCoin has contributed to New York City’s revenue that will be channeled towards addressing poverty and societal issues. 

Source: Miami proves that it is possible for city programs to run without burdening citizens with taxes or rely on private sector philanthropy through an innovative blockchain protocol


Cementing the Bitcoin Narrative

Traditionally the argument against Bitcoin adoption is the massive price fluctuations. This downside makes the asset unsuitable as a store of value. However, this criticism has waned when crypto assets start to gain mainstream adoption. With adoption, comes price stability. 

Source: Dollar printing will drive inflation up and devalue the currency and investors are looking at alternative store of value in other assets

Leaders such as Eric Adams are creating the awareness that cryptocurrency can play the role of gold and to a certain extent the fiat. There is no better way to make a point than leading by example. 


Mere Publicity Stunt?

Sensational statements by politicians often make the headlines. However, it may not be a bad thing. It is a good opportunity to announce in advance the policies that will drive the city’s growth. Eric Adams will be in charge of the city hall in January, 2022. Although cryptocurrency was not part of the mayor-elect’s election campaign, it seems that New York City is set to be the next major hub for crypto innovation. 

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Chung Yee

Chung Yee has a legal background and has been involved in research works for the legal and compliance industry. Writing is his passion, centered on topics such as the blockchain and finance.