Updated 05 Nov, 2021

NYC Mayor-Elect Will Take First Three Salaries in Bitcoin

A historic building with NYC on it with a man in suit behind it and Bitcoin coins on the right -NYC Mayor-Elect Will Take First Three Salaries in Bitcoin

Key Takeaways:

  • Eric Adams, newly-elected New York City Mayor, vows to take his first three paychecks in BTC
  • The innovative decision is a push that aims to make New York “the center of crypto”

Incoming NYC Mayor Will Take BTC as Salary

Newly-elected New York City Mayor Eric Adams will be taking his first three paychecks for his new job entirely in Bitcoin. The innovative approach to finance is a strong push toward making sure he keeps up with his promise.

In more detail, Democrat Eric Adams was the winner of Tuesday’s election for mayor of New York City. During his campaign, he spoke at length about making New York a center of high tech, self-driving cars, and Bitcoin.

In early steps toward building on his promises, Mr. Adams said Thursday he is going to get paid in bitcoin.

“NYC is Going to Be the Center of Crypto”

“In New York we always go big,” Eric Adams tweeted Thursday afternoon. “So, I’m going to take my first THREE paychecks in Bitcoin when I become mayor,” he declared.

“NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!”

The mayor-elect announced his decision as a reply to Mayor of Miami Francis Suarez. On his end, Mr. Suarez said he was going to take his next paycheck “100% in bitcoin”.

As a result, Mr. Adams’ Twitter post quickly attracted crypto backers who even suggested other elected officials could receive Bitcoin. Later, the Miami Mayor got back on the Twitter thread by praising Mr. Adams for his win.

“Touché…,” Mr. Suarez tweeted to the NYC mayor-elect. “Congrats on the election and I look forward to the friendly competition in making our respective cities a crypto capital!”

A Big Leap Toward Wider Bitcoin Adoption

It is not yet clear whether it would be possible for the City of New York to pay Mr. Adams directly in Bitcoin. This could, however, work if he is paid in US dollars and then converts the amount into Bitcoin. Nevertheless, the decision by the incoming Mayor of New York marks a big leap among politicians who open up to the Bitcoin revolution.

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