Eric Adams, who recently won his race for New York City Mayor, plans to take his first three paychecks in Bitcoin.
“NYC is going to be the center of the cryptocurrency industry,” Adams declared in a tweet on November 4, 2021.
In this same tweet, Adams declared that in New York, “we always go big”. To live up to NYC’s profile of doing things “big”, Adams said he would be taking his “first THREE paychecks” in the cryptocurrency. At a glance, Adams appeared to be boasting against Miami Mayor Francis Suarez who announced on November 2 that he would be taking his next paycheck “100% in bitcoin.”
Suarez and Adams are in a de facto competition over which of the two mayors can turn their respective cities into the crypto capital of the U.S.
Suarez’s innovative crypto policies have already made waves nationwide and have made the city a magnet for professionals in the crypto space..
According to CNBC, crypto exchanges, start-ups, and venture firms have been quickly setting up shop in Miami. On top of that, Miami political leadership announced plans of accepting tax payments in Bitcoin and allowing Miami municipal employees to be paid in Bitcoin.
Bitcoin 2021, marketed as the biggest Bitcoin event in history, drew large crowds of Bitcoin enthusiasts earlier in 2021 and put Miami on the map as one of the world’s leading crypto hubs.
Adams wants to wrest power away from Miami and make NYC the Mecca for Bitcoin and other cryptocurrencies. In an interview with Bloomberg Radio on November 3, 2021, Adams said he wants to have “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,” Adams said to Bloomberg Radio.
During this interview, Adams said he wants to review what was stifling the growth of Bitcoin and cryptocurrency in the Big Apple.
Adams would do well to do some of that research because the state of New York was considering legislation to prohibit Bitcoin mining for three years so an environmental test could be conducted to determine how much greenhouse gas emissions this activity generates. The good news is that New York elected officials have backed off this proposal.
On the other hand, Miami has been much friendlier to this activity, by taking measures to attract miners to South Florida and harness the region’s nuclear power to allow mining operations to flow smoothly.
In contrast to his predecessor Bill de Blasio, Adamas has taken a more pragmatic approach to business. One pillar of Adams’ campaign was to make the city more friendly to businesses.
“Let’s hit reset,” Adams said in an interview with CNBC on November 3.
“We call ourselves the Empire state. How don’t we engage with those who have the empires here?”, added Adams.
Adams is an interesting character.
He has dissented from his party as a strong supporter of the police and has rejected the radical Left’s calls for defunding and abolishing the police.
Adams’ efforts to make NYC a hub for Bitcoin is a good move for America’s most prominent city. The Big Apple has been rocked by social disorder over the past year-and-a half. In addition, New York State has become much more anti-business and harder to live in due to excessive regulations and measures that make it difficult to earn a living.
As a result, cities like Atlanta, Dallas, Houston, Miami, and Phoenix Suns have risen to the occasion as cities where talent and capital now heads to.
One of the beauties of the American system is its federalist structure, which allows not only for competition between states but also between cities. Miami’s bold move to become a Bitcoin Mecca is making cities like NYC reconsider their anti-business policies and become friendlier to these activities.
The lesson we can take away from here is that the more competition, the better.