New York City Mayor-elect Eric Adams has reiterated his promise to turn the city into a cryptocurrency hub by accepting his first three salaries entirely in Bitcoin (BTC).
In a Twitter response Thursday to Francis Suarez, who has been re-elected from Tuesday, Adams said he would honor the Miami mayor’s promise to accept his next Bitcoin salary in addition to his next payment. Assuming Adams accepts a base salary of $258,750, his monthly salary would be around $21,562 each, which is a total of 1.05 BTC to $61,268.
The swearing-in of New York’s new mayor on social media comes less than two days after he won the city’s election with 72.8% of the vote. He is expected to take office on January 1, so there is always a possibility that the price of BTC will change significantly before Adams is sworn in. Crypto assets have seen big volatility this month, rising more than 10% from less than $50,000 in early October. Up to $61,268 at press time.
Both Adams and Suarez, as political candidates and government officials, have advocated for their cities to become digital currencies in the United States. The mayor-elect has said he plans to make New York a “bitcoin hub” if he wins the race, while Suarez has openly stated that he intends to make Miami the “most advanced cryptocurrency” city in the United States.
Suarez’s response to Adams’s call for a salary suggests that the mayor of Miami views their ethnicity for accepting bitcoin as anything but hostile. However, Adams is likely to receive much more BTC than his salary, given his annual salary of $258,750 versus the $97,000 that Suarez estimates.
“Congratulations on your choice,” Suarez said. “I am looking forward to a friendly competition to turn our cities into crypto capitals.”
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New York and Miami have often been the focus of interest for many in the crypto space due to past politics and events. In June, President Nep Bukele announced his plans to make BTC legal tender in El Salvador at the Bitcoin 2021 conference in Miami. In addition, the New York City Attorney General’s office is responsible for numerous lawsuits against crypto companies, including Coinseed, Bitfinex, and Tether.