Mayor-elect Eric Adams of New York announced on Thursday that he will accept bitcoin for his first three paychecks, signalling his ambition to make his city the “crown jewel of the cryptocurrency business” after he takes office in January.
“In New York, we always go big,” Mr Adams wrote on Twitter, “so when I become mayor, I’m going to take my first THREE paychecks in bitcoin.”
The bitcoin business, as well as other fast-growing, innovative industries, will be centred on New York City! “Hold your breath!” The mayor-tweet elect’s came in response to Miami Mayor Francis Suarez’s announcement that he will take his first paycheck in bitcoin, the world’s largest cryptocurrency, in a tweet of his own.
Mr. Suarez, who was re-elected on Tuesday, has been a proponent of bitcoin, and has set his eyes on making Miami a centre for cryptocurrency development.
In January, Republican Curtis Sliwa, founder of the Guardian Angels volunteer safety patrol, was easily defeated in the state’s most populous city.
Mr Adams’ declaration, according to Edward Moya, a senior market analyst at FX broker Oandam, “shows that bitcoin is gaining a wide variety of attention, and you can now add the New York mayor.”
“However, Eric Adams is not a very influential guy when it comes to persuading folks who are on the fence to join the cryptoverse,” he continued. Adams has mentioned the possibility of a cryptocurrency battle between the two cities before.
He gave a victory speech after winning the Democratic candidacy for mayor in June, vowing that the city would become “the hub of bitcoins” and “the centre of all technology.”
“You had your run, Miami,” he added. In August, the city of Miami, Florida, announced the launch of MiamiCoin, a cryptocurrency developed in collaboration with the NGO CityCoins.
CityCoins gives the city 30% of any MiamiCoin created or “mined” on a user’s computer.
According to the Washington Post, the scheme produced $7.1 million for Miami as of September.
New York Attorney General Letitia James, who recently initiated a crackdown on unregistered cryptocurrency exchanges, may scrutinise efforts to turn the city into a crypto powerhouse.
Ms. James declared her candidacy for governor of New York last week.
By mid-afternoon on Thursday, Bitcoin, which is extremely volatile, was trading about $61,260, down 3% on the day.