New York Mayor to be paid in Bitcoin
Image Source: ABC

New York Mayor to be paid in Bitcoin

Next York City’s new mayor will receive his first three paychecks in Bitcoin. Eric Adams aims to make New York the cryptocurrency capital of the United States, following in the footsteps of Miami Mayor Francis Suarez.

New York City Mayor Eric Adams has committed to receive his next three salaries in Bitcoin (BTC) rather than US dollars. The retired cop was reacting to the declaration made by Miami Mayor Francis Suarez. The Miami mayor recently revealed his plan to get his next paycheck in Bitcoin in response to a tweet from investor Anthony Pompliano.

Eric Adams, unlike Francis Suarez, has not specified how he would be paid. According to Evan Thies, a spokesman for Adams’ campaign, the mayor will simply convert his paycheck into cryptocurrency via an exchange site. The city of New York is currently unable to pay salaries in any other currency except dollars. For his part, the mayor of Miami will store his bitcoins in Strike, a Lightning Network-based cryptocurrency wallet.

The reaction of Eric Adams is emblematic of the rivalry between the two American cities. New York, like Miami, wants to be known as the Bitcoin capital of the United States. The Democratic mayor of New York committed to fostering the growth of digital currencies on his territory shortly after announcing his victory. According to the new mayor, he plans to launch his own digital currency based on the Miami Coin model.

Scott Conger, the mayor of Jackson, Tennessee, has committed to convert his entire next salary into Bitcoin, following in the footsteps of Francis Suarez and Eric Adams. Jackson’s present law, according to the 30-year-old, bars him from getting his income in bitcoin.

The man’s enthusiasm for crypto-assets has never been veiled. He expects that, with the help of his “blockchain task force,” citizens of Jackson will soon be able to pay their taxes in Bitcoin.

Anthony Pompliano, the investor who questioned the identity of the “first American politician to accept his pay in Bitcoin,” issued a new challenge shortly after his previous tweet drew a lot of attention. This time, the founder of Morgan Creek Digital is posing a question to CEOs: “Who will be the first Fortune 500 CEO to receive their compensation in Bitcoin?” All bets are out at this point.

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