On Thursday, mayor-elect Eric Adams announced that he intends to collect his first three paychecks as mayor in Bitcoin, the increasingly popular digital currency, to demonstrate his dedication to making New York City the digital finance capital of the world.
After Miami's mayor, Francis Suarez, stated his plan to take his next paycheck in Bitcoin, Adams, fresh off a landslide victory in the city's general mayoral election, made the vow.
"In New York, we always go big, so when I become mayor, I'm going to take my first THREE paychecks in Bitcoin," Adams stated on Twitter, addressing Republican Suarez. "The cryptocurrency industry, as well as other fast-growing, innovative industries, will be centered in New York City!" "Hold your breath!"
It was unclear whether Adams would get his first paychecks in Bitcoin after taking office on January 1. A representative for the city's Office of Management and Budget, Michael Greenberg, said he wasn't sure about the proposal's practicality and referred further comment to another spokesperson, who did not answer quickly.
However, Adams' action appeared symbolic - less about the mechanics and bolts of modifying the city's payroll options and more about declaring that New York is open for business for tech innovators.
Adams has declared that the city will "no longer be anti-business" under his watch, signaling a departure from Mayor Bill de Blasio's tense relationship with business leaders.
Over the last year, investors have rushed to Bitcoin, the world's first cryptocurrency. The value of its stock has soared by more than 400%.
However, opponents have questioned the currency's genuine value, citing significant wait times for Bitcoin transactions as evidence. It's also been linked to illegal conduct on several occasions.
Suarez's shift to cryptocurrencies has raised his image — and that of his city — in Miami. According to The Washington Post, the city held the world's largest cryptocurrency conference this year, and it has made more than $7 million from the launch of a cryptocurrency named MiamiCoin.
A representative for Adams, Evan Thies, said the mayor-intention elect is to convert his check to Bitcoin and then make Bitcoin available to other city employees.
Suarez seemed to admire the former police captain's tenacity.
"Touché," Suarez responded on Thursday to Adams, "congrats on the election and I look forward to the friendly competition in making our respective cities a crypto capital!"
