In a press release, Eric Adams said, “New York is the center of the globe, and we want it to be the center of cryptocurrencies and other financial advances. Being at the vanguard of such innovation will help us create jobs, strengthen our economy, and maintain our status as a global talent magnet.”
Because New York City is not permitted by federal law to pay its employees in cryptocurrency, the initial check will be converted to Bitcoin and Ethereum before being placed into his account.
According to NBC News New York, new data shows that a large number of Bitcoin miners are based in New York and Texas, indicating that Adams’ approach of welcoming these miners is succeeding, assisting in the post-pandemic recovery.
He’s not the only one who believes in cryptocurrency. According to Coin Desk, Miami Mayor Francis X. Suarez has pledged to make Miami “the first city in America to pay a bitcoin yield as a dividend directly to its inhabitants” through the MiamiCoin program, which launched in 2021.
Since people are still unable to use cryptocurrencies to pay rent or bills, as well as to purchase food or a subway card (even though Whole Foods started accepting cryptocurrencies through an app called Flexa, but is temporarily no longer accepting cryptocurrency), it made us all wonder what is he going to do with the money.
According to The Guardian, communications director at Coin Center Neeraj Agrawal said that Adams should just “hold on to it as an investment which has become the more common use of bitcoin these days.”
The Mayor getting paid in crypto is the first step to normalizing the use of cryptocurrency in everyday life, especially in a city like New York. I can’t help but wonder what this implies in terms of other regular employees of the city. Will people start gradually getting paid in cryptocurrency in 2022?
It seems that cryptocurrency is becoming more and more a thing of the everyday life, and it may behoove us all to start investing in it as a viable and valid form of payment. After all, I do believe that the financial future will stand on digital currency.
In case you missed it, Amazon is expanding into cryptocurrency.
Photo via Timothy A. Clary/AFP via Getty Images