Eric Adams, New York City's mayor-elect, tweeted Thursday that he wanted his first three city paychecks to be paid in Bitcoin. This was in an effort to show off the mayor of Miami as well as his hopes that New York would become a place where cryptocurrency is welcomed.
It is not easy to imagine Adams getting paid in Bitcoin, but it seems possible. Is there a city payroll that is set up to do this? What will happen to this situation with Bitcoin's fluctuating price? What is the tax situation going? It doesn't matter if it happens, but he is sending a clear message regarding his plans to be a mayor. You probably wouldn't say anything like that if you were going to ignore cryptocurrency or Bitcoin entirely.
New Yorkers are known for their big ideas, and I will take my first three paychecks in Bitcoin as mayor. NYC will be the heart of the cryptocurrency industry, and other innovative, fast-growing industries. Wait! Eric Adams (@ericadamsfornyc) November 4, 2021
One of my colleagues in Slack noted that the move is part in a (crypto] wallet-measuring competition with the mayor of Miami Francis Suarez Adams tweet. Suarez had said that he would take his next paycheck in Bitcoin and Adams responded by saying that New York was going big (hence three paychecks).
CNBC reports that both mayors want to make their respective cities the centre of the decentralized currency market. Adams has pledged to investigate the factors that are slowing down cryptocurrency investment in New York. Suarez has also supported MiamiCoin, which allows people to invest crypto into the city. Suarez stated that he hopes Bitcoin will one day pay for the city's taxes and payroll.
Culturally, Miami is ahead of the curve: Blockchain.com moved its US operations to Miami earlier in the year. El Salvador's president announced at a Miami conference that Bitcoin would become an official currency.
Like any political stunts or promises, actions speak louder than words. Adams getting a few Bitcoin paychecks (or being paid in dollars and then immediately converting it into crypto) will not really make a difference to the industry. However, the fact that Adams and another prominent mayor are discussing doing it is a significant shift in the way leaders think about the future money.
