What just happened? Eric Adams, New York City's mayor-elect, wants to make the city the "center of the cryptocurrency industry." To show he's serious about these plans, Adams said he wants his first three paychecks paid in Bitcoin.
Adams announced his love of crypto on Twitter in response to Miami mayor Francis Suarez claiming he would take his next paycheck in BTC. "In New York we always go big, so I'm going to take my first THREE paychecks in bitcoin when I become mayor," Adams replied. "NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovativee industries! Just wait!"
In New York we always go big, so I'm going to take my first THREE paychecks in Bitcoin when I become mayor. NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!--- Eric Adams (@ericadamsfornyc) November 4, 2021
The interaction does look like a crypto-love-measuring contest between the two men. Suarez has also said he aims to establish Miami as a hub for cryptocurrency innovation, and in August helped establish the MiamiCoin project, which lets people invest crypto into the city---it has already raised $7 million for Miami.
Suarez has announced that Miami plans to accept tax payments in bitcoin and let employees draw their salary in the cryptocurrency. The city also played host to the Bitcoin 2021 event earlier this year and has attracted several other big crypto conferences.
Adams said in an interview with Bloomberg Radio that this is all "friendly competition" with Suarez. "He has a MiamiCoin that is doing very well - we're going to look in the direction to carry that out," said the incoming mayor, who added that he plans to investigate what is stalling growth of Bitcoin and cryptocurrency in New York.
Whether Adams really does get his first three paychecks in Bitcoin remains to be seen, given the potential payroll and tax issues this could raise. And even if he does, this sole act is unlikely to make New York seem like a much better crypto investment spot than Miami.