New York City mayor-elect Eric Adams took a bold public stance in favor of cryptocurrency by promising to take his first three paychecks in Bitcoin.
Adams was voted in this week as the second Black mayor in the city’s history after the late David Dinkins. He tweeted his intentions Thursday in a clear bid to generate excitement and interest in cryptocurrency in the city.
Adams wrote, “NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries!” The claim is the next salvo in a seemingly friendly spar with Miami Mayor Francis Suarez, who said on Tuesday that he would accept “100% of his salary in bitcoin.”
Suarez has publicly espoused the benefits of focusing on cryptocurrency, having dubbed Miami the “crypto capital of the world.” In September, Miami City Commission voted to access $5 million in city-specific “Miami Coin”.
Adams’ public support for bitcoin is an apparent about-face for New York, which considered banning bitcoin mining for three years to determine its detrimental effects on the environment. “Mining,” or creating bitcoin, consumes enough electricity to have a measurable impact on the environment.
Suarez has courted bitcoin miners to South Florida to take advantage of the abundance of nuclear power in the area.
Bitcoin is perhaps the most popular of the now-countless number of cryptocurrencies. As of press time, one bitcoin costs nearly $62,000. Conventional banks remain skeptical of cryptocurrency, but massive valuations have forced them to pay attention.
Several Black celebrities have embraced cryptocurrency. Megan Thee Stallion teamed up with Cash App to give away $1 million in Bitcoin to her fans before the holiday season in 2020.
Lil’ Yachty also launched his own “YachtyCoin” in late 2020. The token was released on the Swiss platform Fyooz.
Bitcoin could hit a $100,000 valuation by the end of the year.
The remarks by Adams come after his decisive and historic victory on Tuesday who will take the oath of office in January. He campaigned on his experience as a former cop and his ability to bridge differences in a city that has been battered by the pandemic.
“My story is your story… I am you,” Adams told his supporters at the Brooklyn Marriott hotel after the race had been called for him. “And I tell you something: In four years, this city’s never going to be the same. Never going to be the same.”
, “Once we move forward, we will never go back,” Adams said.
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