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Bitcoin crashes, as New York Mayor, Adams, agrees to earn salary in crypto
The first three paychecks of New York mayor, Eric Adams, will be in bitcoin, as the politician expands the reach of cryptocurrency from the private sector to the political sector.
Adams is taking the big step as he plans to make New York City the center of the cryptocurrency industry. His move comes as United States government plans to regulate rather than ban the crypto industry.
The newly elected mayor is taking the path of his counterparts in Miami, Mayor Francis Suarez, who said 100 percent of his next paycheck will be in bitcoin.
In a tweet disclosing his intention to earn in bitcoin for three months, Adams stated, “NYC is going to be the center of the cryptocurrency industry,” the tweet reads on Thursday.
READ ALSO: Bitcoin founder, Nakamoto, surpasses Dangote, now world’s 18th richest person as crypto surges again
According to him, New York “always go big”, and he wants a “friendly competition” with Suarez, according to his interview with Bloomberg. While explaining his reason, Adams said, “He (Suarez) has a MiamiCoin that is doing very well – we’re going to look in the direction to carry that out.”
Suarez has been attracting talents in the cryptocurrency community with crypto policies, which has lured startups and miners as well into Miami, a city that is planning to accept bitcoin for tax payments, and provide a crypto payroll for interested employees.
Adams is eyeing a share of the migration Miami is getting from the cryptocurrency community, “We call ourselves the Empire state. How don’t we engage with those who have the empires here?”
Bitcoin crash on back of Adams announcement
Adams revelation was not enough to save bitcoin from depreciating within 24hours, as the asset value went down by 0.60 percent, to trade at $61,364.32.
Year-to-date, bitcoin has appreciated by 111.84 percent, but it has not been able to surpass its all-time-high of $66,974.77, which it recorded in May 2021 – bitcoin’s current market cap is $1.16 trillion.
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