NYC Mayor-Elect Eric Adams said he will take his first three paychecks in bitcoin.
His comment came after Miami Mayor Francis Suarez on Tuesday announced he’ll take his next paycheck in bitcoin.Adams has been vocal about wanting to transform New York into a bitcoin hub.Sign up here for our daily newsletter, 10 Things Before the Opening Bell.
New York City Mayor-Elect Eric Adams took to Twitter on Thursday to announce that he will take his first three paychecks in bitcoin.
“NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!” he said.
The mayor-elect was replying to a Tuesday tweet by Anthony Pompliano, a crypto entrepreneur and investor, who posed the question: “Who is going to be the first American politician to accept their salary in bitcoin?”
The three-month duration Adams announced seemed to be an effort to outdo the Tuesday announcement of Miami Mayor Francis Suarez, who said he would take his next paycheck in bitcoin.
For his part, Suarez seems to enjoy the amicable rivalry, replying to Adams within minutes. “Touch congrats on the election and I look forward to the friendly competition in making our respective cities a crypto capital!” Suarez said.
Crypto heavyweights such as Gemini cofounder Tyler Winklevoss and Galaxy Digital CEO Mike Novogratz have already thrown their support behind the incoming mayor. “I love NY,” Novogratz wrote on Twitter, while Winklevoss said mayors like Adams will distinguish themselves with their crypto support.
Adams, a Democrat, has been vocal about wanting to transform New York into a bitcoin hub to compete with Miami for the status of the epicenter of the US crypto community.
Miami thus far has been at the top of the list, with Suarez repeatedly advocating for bitcoin adoption. This includes advancing a plan to pay city workers in bitcoin and proposing for the city to hold bitcoin on its balance sheet.
Adams’ announcement raised some questions that aren’t yet resolved, such as how his salary will be taxed. This also isn’t the first time Adams has been very forward-looking, or even eccentric, in his policy statements. On the campaign trail, he suggested converting empty hotels into housing for the homeless and moving schools onto a year-round schedule, with Zoom classes as large as 400.
Source: Business Insider Africa