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Mayors of the US Want to Receive Salaries in Bitcoin

Cryptocurrency Nov 07, 2021 01:30PM ET
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  • New York City Mayor-elect Eric Adams, a cryptocurrency enthusiast, says he has big plans for the city related to the crypto industry.
  • While Miami Mayor Francis Suárez said he expects his first paycheck to be entirely in bitcoins.
There are already two American mayors who prefer to receive their salary in bitcoins and want to turn their respective cities into important cryptocurrency trading centers.

Eric Adams, the newly elected mayor of New York City, said he will apply for his first salary payments in Bitcoin. While Francis Suárez, current mayor of Miami, hopes to receive his next salary payment fully in cryptocurrency as well.

It is not yet clear if the two cities have plans to adopt BTC and other private cryptocurrencies as a wage payment option for public employees. Nor if they have the ability to pay in bitcoins.

However, Miami has already come a long way in its plans to become the world’s first “cryptocurrency innovation hub.” The municipality allows the payment of taxes in cryptocurrencies. The city even has its own cryptocurrency, the ‘MiamiCoin’.

The token is based on a base cryptocurrency called Stacks. The tokens that are deposited in the Miami reserve wallet are automatically converted into dollars. City employees have them available at any time.

New York City, on the other hand, could approve a crypto-based wage payment system.

Both mayors revealed their crypto plans in response to a tweet from Anthony Pompliano, another BTC enthusiast.

"It is time. Who is going to be the first American politician to accept their salary in bitcoin?" Pompliano wrote on his Twitter (NYSE:TWTR) account.

The mayor of Miami revealed that he will request that his next payment be “100%” in BTC, to which Adams also responded that he plans to collect his first three salaries in the cryptocurrency.

Additionally, the mayor-elect promised that he will make New York the “center of the cryptocurrency industry and other fast-growing innovative industries.”

While the crypto industry was not part of his election campaign, Mayor Adams revealed that he plans to give digital assets a prominent place in his government program.

Speaking to Bloomberg Radio, the mayor said he admired Suárez’s work in Miami and would try to follow him.

“He has a MiamiCoin that is doing very well -- we’re going to look in the direction to carry that out,” he said. Adams aims to introduce BTC to the NYC economy and encourage industry-related job creation.

"In New York we always go big, so I’m going to take my first THREE paychecks in Bitcoin when I become mayor”, Adams wrote in response to a tweet from his counterpart Suarez.

Likewise, Mayor Miami, who was recently re-elected, plans to transform Florida’s largest city into a new hub for digital finance.

Suárez not only wants to collect his salaries in bitcoins, but to run a cryptocurrency salary payment plan for city employees.

On The Flipside

  • The rise of Bitcoin and other cryptocurrencies in the United States, begins to attract the gaze of mayors and public officials themselves.
  • Industry is viewed as a source of direct and indirect revenue for states and counties.

Why You Should Care?

  • In the US, both BTC and other cryptocurrencies are legal, but have not yet been adopted in state payment systems as legal tender.
  • The acceptance of various BTC-related projects and the growing regulation of digital currencies, has increased confidence in this type of asset, despite its high volatility.

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Mayors of the US Want to Receive Salaries in Bitcoin
 

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Comments (1)
adriaan kuhn
adriaan kuhn Nov 07, 2021 2:21PM ET
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yeah sure you can have your payment in BTC, but when you wanna spend it we'll make sure its halved by then
 
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