Mayor-elect Adams of New York has stated that he will take his first three paychecks in bitcoin.
Mayor-elect Eric Adams of New York announced on Thursday that he will accept bitcoin for his first three paychecks, signalling his ambition to make his city the "centre of the cryptocurrency industry" after he takes office in January.
"In New York, we always go big," Adams wrote on Twitter, "so when I become mayor, I'm going to take my first THREE paychecks in bitcoin." "The bitcoin sector, as well as other fast-growing, creative industries, will be centred on New York City! Just hold your breath!"
The mayor-tweet elect's came in response to Miami Mayor Francis Suarez's announcement that he will take his first paycheck in bitcoin, the world's largest cryptocurrency, in a tweet of his own. Suarez, who was re-elected on Tuesday, has been a proponent of cryptocurrency and has set his eyes on making Miami a centre of cryptocurrency innovation.
After easily defeating Republican Curtis Sliwa, founder of the Guardian Angels civic safety patrol, in Tuesday's election, Adams, a Democrat, will become the second Black mayor of the United States' most populous city in January.
"It demonstrates that bitcoin is garnering a wide variety of attention and you can now include the New York mayor,” Edward Moya, a senior market analyst at FX broker Oandam, said of Adams' announcement.
"However, Eric Adams is not a very influential guy when it comes to persuading folks who are on the fence to join the cryptoverse," he continued.
Adams has mentioned the possibility of a cryptocurrency battle between the two cities before. He gave a victory speech after winning the Democratic candidacy for mayor in June, vowing that the city would become "the hub of bitcoins" and "the centre of all technology."
"You had your run, Miami," he added.
In August, the city of Miami, Florida, announced the launch of MiamiCoin, a cryptocurrency developed in collaboration with the NGO CityCoins. CityCoins gives the city 30% of any MiamiCoin created or "mined" on a user's computer. According to the Washington Post, the scheme produced $7.1 million for Miami as of September.
New York Attorney General Letitia James, who recently initiated a crackdown on unregistered cryptocurrency companies, may scrutinise efforts to turn the city into a crypto powerhouse. James declared her candidacy for governor of New York last week.
By mid-afternoon on Thursday, Bitcoin, which is highly volatile, was trading around $61,260, down 3% on the day.