NY and Miami Mayors Want Bitcoin Paychecks

Newly-elected New York City Mayor Eric Adams, and recently re-elected Miami Mayor Francis Suarez both want their first payments as mayor to be in cryptocurrency.

Photo care of Antana

Adams made his announcement on social media, saying that he would like to have his first three months’ worth of salary transferred to him in the form of bitcoin. Since the currency’s launch in 2009 it has been extremely volatile—from about $1,000 at the end of 2013 to $66,000 in late 2021, with lots of ups and downs in between.

Both Adams and Suarez want to make their respective cities “the center of the cryptocurrency industry” and “a hub for cryptocurrency innovation.”

“In New York we always go big, so I’m going to take my first three paychecks in bitcoin when I become mayor,” wrote Mr. Adams on Twitter

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

Adams was elected in early November 2021 as New York’s second Black mayor.

Suarez established in August 2021 a new cryptocurrency called MiamiCoin, run by an non-profit organization called CityCoins. The group sends 30% of the value of the currency that is created on someone’s computer to Miami. So far the city has raised over $7 million in this way.
Adams stated that he would like to create a similar non-profit as well.

Avatar photo

About James Cannon

James Cannon is an experienced hedge fund analyst. He has served on the advisory boards for various different Fortune 500 companies as well as serving as an adjunct professor of finance. James Cannon has written for a variety of Financial Magazines both on and off line. Contact James at james[at]businessdistrict.com