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The newly-elected mayors of New York City and Miami have been engaging in a spot of online one-upmanship this week as they attempt to outdo one another’s commitment to cryptocurrency innovation. The challenge was thrown down by Eric Adams, mayor-elect for New York City, who tweeted that he wants to receive his first three paychecks in Bitcoin, after Miami mayor Francis Suarez had earlier stated that he intended to receive a single round of wages in the digital currency.
“In New York we always go big, so I’m going to take my first THREE paychecks in Bitcoin when I become mayor,” tweeted Adams, who was elected this week to take over from current mayor Bill de Blasio in January. “NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!”
The remark was a direct reply to a tweet by newly re-elected Miami mayor Suarez, which explained that the politician would take his “next paycheck 100% in bitcoin.”
Both men appear keen to demonstrate their desire to foster cryptocurrency initiatives in their respective cities, although the likelihood of either actually being paid in Bitcoin is low. After all, the cities’ payroll systems are not set up to pay public servants in cryptocurrencies.
A more feasible option would be for the two mayors to receive their wages in dollars and then convert these into Bitcoin, although it remains to be seen if either man will actually follow through on their promise. Regardless, however, the comments provide some insight into the two mayors’ plans to establish their cities as the epicenter of cryptocurrency development.
On the face of it, Suarez and Miami have a head start in the race, with the mayor announcing earlier this year that the city plans to allow wages and taxes to be paid in Bitcoin. The Floridian city has also become a major hub for cryptocurrency events, and recently hosted Bitcoin 2021, the largest Bitcoin conference in history.
Suarez has also lent his support to a local cryptocurrency project called MiamiCoin, which allows people to invest crypto in the city and has already generated over $7 million for Miami, according to the Washington Post.
Speaking to Bloomberg Radio, Adams expressed his desire to see the Big Apple catch up, explaining that “[Suarez] has a MiamiCoin that is doing very well – we’re going to look in the direction to carry that out.” The new mayor also said he intends to “look at what’s preventing the growth of Bitcoin and cryptocurrency in our city.”
However, Adams’ plans to transform New York into a crypto hub may not go down so well with Attorney General Letitia James, who has previously supported a crackdown on unregistered cryptocurrency companies in New York. The state has also been toying with the idea of banning Bitcoin mining due to its heavy environmental impact, yet Adams’ remarks would appear to indicate a dramatic change of direction on that front.
Suarez, meanwhile, has welcomed the challenge thrown down by Adams, and says he is relishing the "friendly competition" between the two cities.
