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Wednesday, January 26, 2022

New York Mayor-elect Adams Says He Will Receive His First 3 Salaries In Bitcoin

New York City Mayor-elect Eric Adams said Thursday that he will receive his first three salaries in bitcoin and announced his intention to make his city “the center of the cryptocurrency industry” after he takes office in January.

“In New York, we always have great success, so I’m going to get my first THREE bitcoin salaries when I become mayor,” Adams tweeted. “New York will become the hub of the cryptocurrency industry and other fast-growing innovative industries! Just wait! “

The mayor-elect’s tweet came in response to Miami Mayor Francis Suarez, who tweeted that he would receive his first salary in bitcoin, the world’s largest cryptocurrency. Suarez, who was re-elected on Tuesday, was the cryptocurrency champion, aiming to turn Miami into a hub for cryptocurrency innovation.

Adams, a Democrat, will become the second black mayor of the most populous US city in January after an easy victory over Republican Curtis Sliva, founder of the Guardian Angels civil security patrol, in Tuesday’s election.

“This shows that bitcoin has a wide range of interests and now you can include the mayor of New York,” Edward Moya, senior market analyst at forex broker Oandam, said of Adams’ announcement.

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“But in the end, Eric Adams is not a very powerful person to convince the people on the fence to join the crypto universe,” he added.

This isn’t the first time Adams has voiced the prospect of a cryptocurrency competition between the two cities. After winning the Democratic mayoral candidacy in June, he delivered a victory speech in which he vowed that the city would become the “hub of bitcoin” and “the hub of all technology.”

“Miami, you did it,” he said.

In August, working with the non-profit organization CityCoins, the City of Florida introduced a cryptocurrency called MiamiCoin. CityCoins sends 30 percent of all MiamiCoins created or “mined” on a consumer’s computer to the city. The program had grossed Miami $ 7.1 million as of September, according to the Washington Post.

Efforts to turn New York into a crypto hub could catch the attention of New York Attorney General Laetitia James, who recently launched a crackdown on unregistered cryptocurrency companies. Last week, James announced her candidacy for governor of New York.

Bitcoin, which is highly volatile, was trading around $ 61,260 by mid-Thursday, down 3 percent on the day.

To follow

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