NYC Mayor-elect Adams Requests Bitcoin Payments

Newly minted New York City Mayor-elect, Eric Adams, has tweeted his preference to receive Bitcoin as his first three payments as mayor. Yesterday’s announcement strongly supports Adams’ pro-business platform and desire to make the Big Apple into America’s premier crypto hub. 

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

Beat to the Punch 

This declaration for three payments is seen as a direct response to a January tweet by Miami Mayor Francis Suarez - stating he wanted, upon reelection, his first payment to be in Bitcoin.   

I’m going to take my next paycheck 100% in bitcoin…problem solved! @Sarasti can you help? https://t.co/v4YdPZ0tYc

— Mayor Francis Suarez (@FrancisSuarez) November 2, 2021

Upping the Ante

In what has become a friendly rivalry, Adams seems to be goading on his Miami counterpart over which city will attract top industry talent and dominate the US crypto market. “NYC is going to be the center of the cryptocurrency industry,” Adams declared. 

Head Start

Mayor Suarez helped initiate MiamiCoin, an altcoin operated by the nonprofit CityCoins organization. Through this innovative crypto-private-public partnership, Miami receives 30% of the currency’s value with $7m having been added to the city’s coffers since its August inception, as reported by the Washington Post. Adams has subsequently announced his intentions to launch a similar NYC coin. 

Local Concerns

While Mayor-elect Adams’ intentions are generally supported by the cryptocurrency community, upon his January 1st inauguration he can expect to face a number of challenges. New York State Attorney General Letitia James is a vocal crypto skeptic and recently ordered the closure of two crypto-lending companies. James also recently announced her candidacy for NY governor, potentially upending Adam’s Big Apple crypto dreams.