New York Mayor-elect Eric Adams said on Thursday that he would take his first three paychecks in Bitcoin and that the city would become the 'center of the cryptocurrency industry.'
Adams threw down the gauntlet two days after Miami Mayor Francis Suarez, who has ambitions to turn the Florida city into a cryptocurrency hub, said he would take his 'next paycheck 100% in Bitcoin'.
'In New York we always go big, so I'm going to take my first THREE paychecks in Bitcoin when I become mayor,' Adams, who will be paid a salary of around $260,000, wrote in a Twitter post responding to Suarez.
'NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!' added the Democrat, who won his bid to succeed Mayor Bill de Blasio on Tuesday.
New York Mayor-elect Eric Adams said that he would take his first three paychecks in bitcoin and that the city would become the 'center of the cryptocurrency industry'
Adams, a Democrat, will take office in January after easily defeating Republican Curtis Sliwa, founder of the Guardian Angels civilian safety patrol, in Tuesday's election.
Suarez won his own re-election on Tuesday. He is a registered Republican, though in Miami the mayor's office is officially non-partisan.
Adams told Bloomberg Radio on Wednesday that he wanted to create a New York City cryptocurrency and that he would look at any regulatory barriers to enticing crypto companies to invest in the city.
The Miami area has seen a huge influx of rich Northeasterners during the pandemic, including financial sector refugees seeking lower taxes and looser pandemic restrictions.
In June, Miami hosted a huge Bitcoin conference as part of its bid to become the world's crypto hub.
Miami Mayor Francis Suarez, who has ambitions to turn that city into a cryptocurrency hub, said he would take his 'next paycheck 100% in bitcoin'
With 12,000 participants and all speaker sessions sold out, the Bitcoin 2021 trade show featured exhibits from crypto mining companies, crypto traders and bitcoin exchange networks.
Mayor Suarez participated in the conference, telling attendees: 'This is not a moment. This is a movement.'
Suarez has become a bit of a celebrity in tech circles, for his intense efforts to turn the Magic City into a beachfront Silicon Valley.
In February, the mayor announced that the city would explore ways to do some of its financial transactions using cryptocurrency, including paying salaries to employees.
And over the summer, venture capital firm Borderless Capital announced it was moving its headquarters from Atlanta to Miami and launching a new $25 million fund for local startups using blockchain technology.
Suarez has announced the launch of MiamiCoin, a Miami-specific cryptocurrency that will allow investors to boost the city's coffers while making money themselves.
Adams, meanwhile, has vowed to woo wealthy former residents back to New York with a crackdown on violent crime and the return of the city's famous amenities.
He promises to run a business-friendly administration, and hopes to leverage the city's status as a global financial center to make it a crypto hub.
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