NYC And Miami Mayors (Eric Adams And Francis Suarez) Duke It Out On Twitter Over Who Is The Bigger Crypto Advocate

NYC And Miami Mayors Duke It Out On Twitter Over Who Is The Bigger Crypto Advocate. NYC And Miami Mayors (Eric Adams And Francis Suarez) Duke It Out On Twitter Over Who Is The Bigger Crypto Advocate

New York City Mayor Eric Adams

In New York we always go big, so I’m going to take my first THREE paychecks in Bitcoin when I become mayor. NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!

— Eric Adams (@ericadamsfornyc) November 4, 2021

“I look forward to the friendly competition in making our respective cities a crypto capital,” said recently re-elected Miami Mayor Francis Suarez.

Newly-elected New York City Mayor Eric Adams has reiterated his pledge to make the city a crypto hub by accepting his first three paychecks entirely in Bitcoin (BTC).

In a Thursday response on Twitter to Francis Suarez — re-elected for another term as of Tuesday — Adams said he would be matching the Miami mayor’s pledge to accept his next paycheck in Bitcoin in addition to the following two payments.

Miami Mayor Says City Employees Should Be Able To Take Their Salaries In Bitcoin

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Assuming Adams accepts a base salary of $258,750, his monthly paychecks would be roughly $21,562 each, a total of 1.05 BTC at a price of $61,268.

In New York we always go big, so I’m going to take my first THREE paychecks in Bitcoin when I become mayor. NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!

— Eric Adams (@ericadamsfornyc) November 4, 2021

The incoming NYC mayor’s social media banter comes less than two days after winning the city election with 72.8% of the vote. He is expected to take office on Jan. 1, so there is always the possibility the BTC price could change significantly before Adams is sworn in.

4 American city Mayors will be paid in #Bitcoin
– Miami
– NYC
– Jackson, TN
– Tampa Bay

LFG! 🚀

— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) November 5, 2021

The crypto asset has experienced significant volatility this month, rising more than 10% from under $50,000 in early October to $61,268 at the time of publication.

Miami Mayor Francis Suarez.

Both Adams and Suarez, as political candidates and public servants, have advocated that their cities become crypto hubs in the United States. The mayor-elect said he planned to make New York City “the center of Bitcoins” if he won his race, while Suarez has been vocal about his intentions to make Miami the city with “the most progressive crypto laws” in the United States.

Suarez’s response to Adams’ paycheck challenge hints that the Miami mayor sees their race to adopt Bitcoin as anything but hostile. However, Adams would likely receive significantly more BTC from his paychecks, given his $258,750 annual salary to Suarez’s estimated $97,000.

“Congrats on the election,” said Suarez. “I look forward to the friendly competition in making our respective cities a crypto capital.”

Both New York City and Miami have often been the focus of many in the crypto space due to precedent-setting policies and events. In June, President Nayib Bukele announced his plans to make BTC legal tender in El Salvador at the Bitcoin 2021 conference in Miami. In addition, the New York Attorney General’s office has been responsible for many enforcement cases against crypto firms including Coinseed, Bitfinex, and Tether.

Updated: 11-3-2021

Crypto At The Polls: Eric Adams Wins NYC Mayoral Race

Adams beat out Republican Curtis Sliwa — also a pro-crypto candidate — to become the next mayor of New York City with 72.8% of the vote.

Democrat Eric Adams, who said he planned to make New York City “the center of Bitcoins” if elected mayor, has won his race against Republican Curtis Sliwa.

Following the Nov. 2 Election Day results, Adams will be replacing Bill de Blasio as the mayor of New York City, defeating Sliwa and other candidates with 72.8% of the vote. He is expected to take office on Jan. 1.

It’s official — our five-borough, knock-every-door, reach-every-voter campaign was successful: We have won the race for Mayor of New York City!

This is my dream come true, and I couldn’t be more proud to represent the City that we all love as your Mayor-elect

— Eric Adams (@ericadamsfornyc) November 3, 2021

During his mayoral campaign, Adams pledged to make New York City a tech hub that will be ”the center of cybersecurity, the center of self-driving cars, drones, the center of Bitcoins.” He beat out crypto-friendly businessman Andrew Yang to become the Democratic party nominee in June.

Many jurisdictions in the United States held elections for local and state governments yesterday, putting forth some candidates who have previously advocated for pro-crypto legislation and policy. In Miami, Francis Suarez won re-election — he has served as mayor since 2017 — with 78.7% of the vote.

New York state is often the center of media attention related to regulation and enforcement for crypto firms in the United States. The New York Attorney General’s office was responsible for a settlement case from Bitfinex and Tether, which in February agreed to pay $18.5 million in damages, as well as ordering Coinseed to close its doors after the firm allegedly defrauded investors out of more than $1 million.

While major federal elections in the United States may sometimes affect the crypto market, many senators and state representatives will not have their seats challenged until 2022 at the earliest. Pro-crypto U.S. lawmakers in cities and states who did not face a re-election battle yesterday included Mayor Jayson Stewart of Cool Valley, Missouri. In August, Stewart proposed giving away more than $1 million in Bitcoin (BTC) to the city’s roughly 1,500 residents.

Eric Adams Wins New York City Mayor Race

As the second Black mayor of the nation’s largest city, he plans to focus on public safety, expanding the economy and ending inequality

Democrat Eric Adams was elected mayor of New York on Tuesday as the nation’s largest city faces concerns about an uptick in violent crime and economic recovery from the Covid-19 pandemic.

Mr. Adams, the Brooklyn borough president, was heavily favored over Republican Curtis Sliwa, a radio host and founder of the Guardian Angels anticrime group. Democrats outnumber Republicans in the city’s five boroughs by a six-to-one margin, and the Associated Press projected Mr. Adams as the winner shortly after polls closed.

He will become the city’s second Black mayor when he takes office in January. He has said his victory in June’s Democratic primary over several progressive candidates was an affirmation of centrist party policies.

Mr. Adams has said his personal story—including attending college at night and suffering police abuse as a teenager—has resonated with New Yorkers.

“New York has chosen one of our own,” he said during a victory speech. “This is proof the people of this city will love you if you love them.”

Mr. Sliwa, who started the Guardian Angels in the 1970s, centered his campaign around hiring more police officers. While campaigning Tuesday in Brooklyn, he asked for support by saying, “We need to improve—and not to move.”

Mr. Adams, a former police captain, has said he would push for policies to achieve public safety without vastly expanding the department. He has pledged to revive a unit of plainclothes police officers that was disbanded in the weeks after George Floyd’s murder by a police officer in Minneapolis in 2020. Mr. Adams said the unit should focus on targeting illegal guns.

The Police Benevolent Association of the City of New York didn’t make an endorsement in the general election, but Mr. Adams was one of three candidates that the union urged its members to support in the June primary, according to an email sent at the time.

In September, Mayor Bill de Blasio said New York City was “turning the corner” in terms of public safety. There was a 5.4% drop in all the major crimes combined in August compared with a year earlier. Shootings, a concern for New Yorkers, dropped 30%, and murders were down 9%, compared with the same month last year.

Business leaders have cited crime rates as a problem as they encourage firms to bring more of Manhattan’s 1.2 million office workers back to their desks.

City officials have encouraged a return, which they say is essential to helping restaurants and other small businesses. Less than a third of the New York metro area’s office workforce had returned as of Oct. 20, according to swipe-card data analyzed by Kastle Systems.

The candidates have also clashed over pandemic management policies. Mr. Adams said he supported two of Mr. de Blasio’s policies that require public employees to be vaccinated and require patrons of restaurants and entertainment venues to show proof of vaccination upon entry.

Mr. Adams said Tuesday that he would work with union leaders to determine the fate of unvaccinated employees. Mr. Sliwa said he encourages people to get vaccinated but opposes both mandates.

Mr. Sliwa has pledged to prohibit the killing of animals held in city shelters, and brought one of his 17 pet cats with him when he cast his ballot in Manhattan. Election officials refused to let the cat into the polling place, and Mr. Sliwa left the animal with an aide, according to a campaign spokeswoman.

Early Tuesday at a polling station at the YM & YWHA in Washington Heights, Jessica Wells-Hasan said that even though the mayoral race was essentially decided in June, she voted because she views it as a civic duty. She and her husband, Joseph Hasan, voted for Mr. Adams.

“We are worried he’s not progressive enough, but he’ll certainly be better than Sliwa,” said Mr. Hasan, 40 years old, who works in scientific publishing. He said he was specifically concerned about Mr. Adams’s record on policing.

Still, the couple were hopeful, particularly about Mr. Adams’s interest in housing and affordability. “I’m hoping he’ll do things differently than de Blasio,” said Ms. Hasan, 43, a nonprofit executive.

Mr. Adams has said his victory in June’s Democratic primary over several progressive candidates was an affirmation of centrist party policies.

New Yorkers also voted on five ballot proposals that would amend the state constitution to allow for no-excuse absentee voting and same-day voter registration, change the process for drawing legislative districts, add a guarantee of clean air and water, and expand the jurisdiction of the New York City Civil Court.

Livvie Mann, 73, was out early Tuesday encouraging people outside MS 297 in the West Village to vote for the three constitutional amendments involving voting provisions.

“It’s part of your function as a citizen. You have to participate. You either turn up or shut up,” said Ms. Mann, who said she couldn’t bring herself to vote for Mr. Adams and wrote in New York City Comptroller Scott Stringer for mayor.

Voter Danielle Eagan, 29, said she never misses an election. “The things we want to see in our city are only going to happen if we make our voices heard,” said the Upper West Side resident.

Updated: 11-5-2021

Tampa Mayor To Accept Pay In Bitcoin

The news came mere days after Miami Mayor Francis Suarez announced that he’s going to take his next paycheck entirely in BTC.

Jane Castor, the mayor of Tampa Bay, Florida, has announced that she will begin accepting her paycheck in Bitcoin (BTC), according to multiple sources who attended Florida’s Bitcoin & Blockchain Summit.

Castor made the announcement Friday morning on Day Two of the Summit, which is being held at Amalie Arena in downtown Tampa. According to people who attended the event, crypto lending platform Celsius Network will facilitate the mayor’s BTC payments.

BREAKING NEWS: #Tampa Mayor @JaneCastor just announced she’s accepting @FrancisSuarez challenge of taking her pay in #Bitcoin with the help of @NukeGold @CelsiusNetwork at the #FL Bitcoin & Blockchain Summit.@APompliano @CoinDesk @Cointelegraph @LedgerInsights

— Gabe ₿ Higgins (@GabeBHiggins) November 5, 2021

The news quickly spread across Crypto Twitter, with Bitcoin evangelist Anthony Pompliano noting that a total of four United States mayors have begun accepting at least a portion of their paychecks in BTC.

Another mayor has decided to take their salary in bitcoin.

The running count is now 4 mayors across the United States this week.

Tag your mayor and ask them if they are bitcoin-friendly 🙂 https://t.co/pXzyd661NM

— Pomp (@APompliano) November 5, 2021

Castor’s decision appears to have been influenced by Miami’s Francis Suarez, who recently became the first mayor to accept a portion of his salary in Bitcoin. Newly-elected New York City Mayor Eric Adams quickly followed suit by announcing that he will accept his first three paychecks entirely in the cryptocurrency.

Suarez and the newly-elected Adams have been vocal about turning their respective cities into crypto hubs. Following his election, Adams declared that New York City will become the “center of the cryptocurrency industry.”

In New York we always go big, so I’m going to take my first THREE paychecks in Bitcoin when I become mayor. NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!

— Eric Adams (@ericadamsfornyc) November 4, 2021

Despite experiencing several bouts of extreme price volatility this year, Bitcoin returned to record highs in late October and continues to trade above $60,000. Its price appreciation has been accompanied by growing mainstream acceptance from regulators and financial institutions, as well as merchants and payment processors.

New York Mayor-Elect Eric Adams Envisions Crypto Paychecks For All

New York City Mayor-elect Eric Adams said he wants to explore ways that might allow New Yorkers to be paid directly in Bitcoin and other cryptocurrencies, as he seeks to turn the city into a hub for innovation.

Speaking to reporters in Puerto Rico, where he is attending the Somos Puerto Rico Conference, an annual convention that attracts Albany lawmakers, Adams reiterated a pledge he made this week to receive his first three paychecks in Bitcoin.

The vow came after Miami Mayor Francis Suarez proclaimed that he would take his next paycheck in Bitcoin, and the friendly rivalry that has ensued has provided a platform for both men to voice their crypto ambitions while serving as a challenge to other city leaders as well.

“This is a clear signal from me that I am not playing. We have become too afraid as a city we have become a culture of ‘no.’ We turn down everything,” he said. “This used to be a city where we led from the front.”

Adams said he will have to convert his dollar paycheck into Bitcoins, as there’s no automatic way for him to receive payment in the digital currency. However, he said he would like to “examine” mechanisms that would allow for direct Bitcoin payments, “so New Yorkers have a choice of how they want to receive their paychecks.”

Adams said that many in the blockchain community see New York as “unfriendly” and “too bureaucratic” and he hopes to join other U.S. and global cities in wooing innovators.

New York City “must become the center of biotech, we must become the center of all these new technologies,” he said.

Electoral Losses

In some of his first public comments after winning office in an election that was hard on Democrats, Adams said his party needs to “go back to the drawing board” and focus on the basics.

“Americans and New Yorkers are not complicated,” he said. “All they are saying is, ‘We do our job and pay our taxes — pick up the damn garbage, educate my children, make sure I can go outside without someone robbing me.’”

Updated: 11-10-2021

NewYorkCityCoin Launching This Week With Mayor-Elect Eric Adams’ Blessing

“We’re glad to welcome you to the global home of Web3!” said crypto-friendly Mayor-elect Eric Adams in response to CityCoins’ roll out of NYCCoin this week.

NewYorkCityCoin (NYCCoin) is set to launch on Thursday, with the community-led proposal endorsed by New York City Mayor-elect Eric Adams.

The New York-focused cryptocurrency is being launched by CityCoins, the same firm that launched MiamiCoin (MIA). The project utilizes the Stacks protocol built atop the Bitcoin (BTC) blockchain to enable smart contracts and issue its coins.

CityCoins tweeted on Tuesday that it was activating NYCCoin mining this week after Adams stated last week on Thursday that he wanted to have a “CityCoin for NYC” like in the case of Miami.

Adams followed that up on Monday by posting that “We’re glad to welcome you to the global home of Web3! We’re counting on tech and innovation to help drive our city forward.”

We’re glad to welcome you to the global home of Web3! We’re counting on tech and innovation to help drive our city forward. https://t.co/SY9pv1Ebct

— Eric Adams (@ericadamsfornyc) November 8, 2021

Adams was elected as New York City’s mayor on Nov. 2 and will take the reins at the start of 2022. The 61-year-old is a strong crypto proponent and has vowed to take his first three paychecks in Bitcoin and has advocated for crypto education to be taught in local schools.

“We must open our schools to teach the technology, to teach this new way of thinking,” Adams said on CNN’s State of the Union on Sunday.

In Miami, the city’s commissioners voted to accept funds generated from MiamiCoin. However, CityCoins noted that it has yet to officially partner with New York’s government despite the social media endorsement from Adams.

“CityCoins like NYCCoin are grassroots initiatives. As communities grow around CityCoins, they can encourage their mayor to claim the reserved city treasury wallet and begin putting its funds to use,“ the website reads.

If the City of New York agrees to partner with CityCoins, it will have access to a custodied reserve wallet that holds 30% of all NYCCoin mining rewards. The funds can be used to support whatever initiatives the city deems fit.

Miami Mayor Francis Suarez has stated the coin’s funds will go toward crypto education, funding underprivileged communities and programs to mitigate the risks of climate change.

NYCCoin users can mine the coin by forwarding STX tokens into the smart contract on Stacks to receive new CityCoins tokens, with 70% of the mining rewards going to users who lock up and “stack” or stake their CityCoins.

Updated: 11-13-2021

The Crypto Ambitions of New York’s Next Mayor — and What Could Stop Him

Eric Adams’s embrace of crypto and his promise to make the city the center of the industry have generated excitement. He’s got his work cut out.

New York City Mayor-elect Eric Adams is already excelling at one major aspect of the job — cheerleading — at least as far as cryptocurrency is concerned.

Since his Nov. 2 victory, Adams has been selling New York as a crypto-friendly hub. The Brooklyn borough president and former cop has the support of crypto heavyweight Mike Novogratz of Galaxy Digital.

He has opened up a jokey competition with fellow crypto-enthusiast and Miami Mayor Francis Suarez; suggested schools teach cryptocurrency and its technology; pledged to explore a mechanism to allow New Yorkers to be paid in virtual currencies; and even vowed to take his own first three paychecks as mayor in Bitcoin.

“This is a clear signal from me that I am not playing. We have become too afraid as a city we have become a culture of ‘no.’ We turn down everything,” Adams, 61, said in remarks to reporters last week while attending a conference in Puerto Rico. “This used to be a city where we led from the front.”

Adams’s public embrace of crypto and his promise to make the most populous U.S. city the center of the industry has generated plenty of excitement and even landed New York its own token. And in some ways, he will have a lot of control over what the city’s government looks like.

Adams could appoint an aide and call them “crypto czar,” create a mayor’s office of crypto currency or task a deputy mayor with promoting the industry, said John Kaehny, executive director of Reinvent Albany, a government accountability group. His power is limited beyond that. The state government sets the rules for the industry, the city’s largest investment funds are out of his hands and changing payment processes require signoff from the City Council.

“He can certainly cheerlead for crypto a great deal and that’s probably great for crypto but in terms of actually implementing things the chances are very very little to none,” Kaehny said. “There are many, many practical obstacles.”

During his run, Adams told Bloomberg News he wants to move the city onto an electronic cyber wallet instead of payroll checks and direct deposit, which would streamline payments for city workers and social benefit recipients while allowing the city to better track these monies. Still, Adams has provided few details on how he plans to make these kind of things work.

Evan Thies, a spokesperson for Adams, said the mayor-elect has no further comment on his crypto plans beyond what he has said publicly and will have polices and initiatives to announce closer to the start of his administration in January. His transition team includes Goldman Sachs Group Inc. Chief Financial Officer Stephen Scherr as well as Steven Choi, who runs the Novogratz-backed group One for Democracy.

Courting the crypto industry dovetails with Adams’s desire to present the city as open for business. New York already has one of the largest shares of crypto specialist jobs in the U.S., but the industry hasn’t yet settled on a single hub and other cities, such as Miami, Austin and Denver, are increasingly attracting talent.

NYC And Miami Mayors (Eric Adams And Francis Suarez) Duke It Out On Twitter Over Who Is The Bigger Crypto Advocate

One of the the incoming mayor’s biggest obstacles to making it easier for crypto companies to do business is a regulatory regime that’s one of the strictest in the U.S. It’s also one over which he’ll have no power, given the state’s control over virtual currency rules.

New York state requires industry participants, like exchanges and custodians, obtain a Bitlicense. That licensing process asks for financial disclosure, anti-money laundering compliance and cybersecurity compliance, among other requirements. Since the rules were implemented in 2015, roughly 30 companies have obtained a license or charter under the regime.

“New York state is perceived as one of the tougher states to establish a virtual currency business,” said Jeff Neuburger, a partner at Proskauer Rose LLP and head of the firm’s blockchain group. “It’s a fairly rigorous process for somebody to get a Bitlicense.”

New York has room to maneuver within the constructs of the state law and the licensing process doesn’t apply to investors or businesses that decide to accept virtual currency as payment, Neuburger said. However, it can’t loosen or make any run around that process.

In addition to the state laws, New York state Attorney General Letitia James has used her office to pursue virtual currency companies. James, who is running for governor in 2022, took action in February to bar Bitfinex and Tether from operating in the state for overstating their reserves, while fining the companies $18.5 million.

A month later, she issued a warning to investors about the risks of the market, urging extreme caution for those who do participate, while also warning industry participants to register with her office.

That combination makes things tough for Adams and his ambitions for the city, said Mark Yusko of Morgan Creek Capital Management. “You don’t want your AGs to be negative crypto if you want to be a crypto city,” he said.

Despite the lack of details, industry participants are excited for a mayor who embraces the industry. A cryptocurrency project called CityCoins was searching for a second city to launch a token after unveiling MiamiCoin in August. It chose New York over Austin, Texas, after Adams spoke last week. The city-specific coin, which has produced more than $20 million for Miami so far, began mining in New York on Wednesday.

Wall Street — despite its sometimes public indifference, and even disdain, of the industry — is unlikely to be a major obstacle, said Justin Saslaw, a partner at Social Capital LP, a venture capital and private equity investment firm that invests in crypto.

“Wall Street isn’t going to put up a fight against the mayor,” Saslaw, who worked on a blockchain strategy group at Goldman in 2015, said. “Goldman, JPMorgan, Citi are three of the most active corporate venture capital participants in the crypto industry.”

At a basic level, positioning New York as a hub would bring jobs in a growing industry and economic activity to a city that Adams has pledged to revive. And it comes at the same time that Wall Street may be shrinking its footprint in the city.

“It would mean an influx of talent, the potential for an influx of tax revenue,” Morgan Creek’s Yusko said. “It won’t be easy because there are structural and logistical headwinds. But it’s not impossible.”

Updated: 11-20-2021

Bitcoin Bulls In City Hall: Meet America’s Crypto Mayors

A wave of political goodwill and support for Bitcoin is building up. Is this just hype, or will there be long-lasting support for crypto?

As 2021 comes to a close, Bitcoin (BTC) has had a tumultuous ride this year, with wild price swings that have seen the pioneer cryptocurrency hit all-time highs only to retrace to lower prices — including a 50% drop that shook the market. Now, Bitcoin is once again back and stronger than ever, even recently going past its previous all-time high.

Bitcoin’s dizzying market price swings aside, it seems some politicians have recognized Bitcoin’s potential, with a wave of mayors across the United States expressing bullish sentiments.

From Florida to New York, there is a seemingly growing trend of politicians, particularly city mayors, supporting Bitcoin adoption.

Here is a look at some of America’s mayors who have expressed bullish sentiments about the leading cryptocurrency.

New York City Mayor-elect Eric Adams

Mayors across the U.S. have been pushing for the adoption of digital assets, including New York City’s newly elected mayor, Eric Adams, who has pledged that he will take his first three paychecks in Bitcoin. The move from Adams was in response to the mayor of Miami’s announcement two days earlier that revealed his plans to accept his next paycheck entirely in Bitcoin.

Adams, a former police officer with a reputation for being tough on crime, said in a tweet that “In New York we always go big, so I’m going to take my first THREE paychecks in Bitcoin.”

Adam further tweeted that “NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries.”

The newly elected mayor also spoke to Bloomberg, saying that he will “look at what’s preventing the growth of Bitcoin and cryptocurrency in our city.”

Mayor-elect Adams has been a Bitcoin bull for quite some time, having previously pledged to make New York City the center for Bitcoin. Adams has also suggested that schools add cryptocurrency and blockchain technology to their curriculum.

Miami Mayor Francis Suarez

Since his election, Adams has been duking it out with Miami Mayor Francis Suarez over who is the bigger Bitcoin bull. Suarez, who was reelected for another term after serving as Miami’s mayor since 2017, also claimed in a tweet that he would take his next paycheck “100% in Bitcoin.”

As a part of Miami’s plan to become the crypto capital of the U.S., Suarez said that the city plans to issue digital wallets to its citizens that would be used to dole out Bitcoin yields from the city’s crypto stash.

While some reports state that U.S. law prohibits certain states from holding volatile assets, Miami’s mayor remains adamant, claiming that his top priority is to hopefully run the city without taxes. Suarez has previously mentioned that he wants to pay city employees in crypto.

Cool Valley, Missouri Mayor Jayson Stewart

In the small town of Cool Valley, Missouri, Mayor Jayson Stewart announced that he intended to give each resident up to $1,000 in Bitcoin as a response to the growing adoption of cryptocurrencies.

The environmentalist mayor believes that Bitcoin can lift the town’s fortune through the establishment of Bitcoin mining facilities and other related activities. Stewart also believes that Bitcoin education holds the key to increasing wealth and prosperity in the region, and he hopes to one day see a Bitcoin-friendly bank in the city.

In an interview with Cointelegraph Magazine, Stewart said that “A lot of it is about fixing the wrongs of the past financial system. In the past, we didn’t have access to this amazing technology that we have today when it comes to our financial system and storing our value.”

Similar to Miami’s mayor, Stewart plans to dole out Bitcoin to the people of Cool Valley, with a plan that is funded by private donors who aim to increase the use and adoption of the digital asset.

The Missouri mayor has been a Bitcoin bull since as far back as 2015, when he used to work for a tech startup that served wealthy clients and earned a salary in Bitcoin.

Jackson, Tennessee Mayor Scott Conger

In the wave of cities across the U.S. edging closer to Bitcoin adoption, the city of Jackson, Tennessee is not one to be left behind.

With a belief that Bitcoin is the only solution to fix the devaluation of the U.S. dollar and the inflation that is cutting across the global economy at the moment, the city’s mayor, Scott Conger, announced that a blockchain task force will study potential methods of enabling property tax payments in the city using Bitcoin.

In mid-July, Conger tweeted: “Why do we accept inflation? Why don’t we demand more from our federal government? 6.3% in 2 years. 172.8% in my lifetime. Every year our dollar is worth less. There is no rebound. There is only 1 fix for this.. #Bitcoin.”

Similar to the sentiments of other mayors, Conger has expressed interest in exploring options that will see the city’s employees receive their paychecks in cryptocurrency.

The mayor also plans to adopt Bitcoin mining operations and add BTC to the city’s balance sheet. Apart from Bitcoin, Conger has also hinted at Ether (Ether) and Litecoin (LTC) as potential mediums for payments within the city’s financial operations.

Tampa, Florida Mayor Jane Castor

Tampa Mayor Jane Castor has also joined the fray of mayors in cities around the U.S. who are bullish on Bitcoin. A matter of days after Miami Mayor Suarez announced his plans to receive a Bitcoin paycheck, Castor followed suit.

Castor made the announcement on day two of the Florida Bitcoin and Blockchain Summit, which took place at the Amalie Arena in downtown Tampa.

Growing Bullish Sentiments

Apart from American mayors embracing Bitcoin and blockchain technology, other leaders around the nation and across the globe are starting to realize the benefits of Bitcoin and cryptocurrencies.

For instance, U.S. Representatives Tom Emmer and Darren Soto sent a letter to the Securities and Exchange Commission in a call for the approval of Bitcoin ETFs in the U.S., something that many onlookers believe could set up a bullish trend for Bitcoin and legitimize cryptocurrencies.

Even traditional financial institutions that were bearish on Bitcoin are starting to admit that cryptocurrencies and blockchain technology are primed to bring about revolutionary changes to the finance industry. The chief operating officer of Bank of America, for instance, recently claimed that blockchain and cryptocurrencies could improve the operations of banks.

In Australia, Commonwealth Bank — one of the largest banks in the country, with nearly 16 million customers — has revealed plans to integrate Bitcoin into its services. All over the crypto space, a wave of bullish news continues to emerge, with Bitcoin appearing primed for upward momentum.

NYC Mayor Getting Paid In Bitcoin Suggests Buying The Dip

Should Eric Adams accept his first three paychecks in Bitcoin, he would likely acquire more than 1 BTC following the price drop to $42,948.

Newly sworn-in New York City Mayor Eric Adams is already using his influence to speak publicly about buying the recent Bitcoin dip.

In a Thursday interview with CNBC’s Squawk Box, Adams said he had not yet received his first paycheck as the mayor of New York City, but reiterated his aim to make the city a Bitcoin (BTC) and crypto hub.

When co-anchor Andrew Ross Sorkin pointed out that the price of the crypto asset has “come down” — dipping as low as $43,000 early Thursday — the NYC mayor seemed to be undeterred.

“Sometimes the best time to buy is when things go down, so when they go back up, you made a good profit,” said Adams. “We need to use the technology of blockchain, Bitcoin, of all other forms of technology. I want New York City to be the center of that technology.”

“Sometimes the best time to buy is when things go down,” says @NYCMayor on #bitcoin. “I’m going to take my first three paychecks in #bitcoin. I haven’t received my first check yet.” pic.twitter.com/dqGkVYxOKg

— Squawk Box (@SquawkCNBC) January 6, 2022

Adams, who has been in office five full days following a November election win, is replacing Bill de Blasio as the mayor of New York City.

During his campaign, Adams pledged to make New York City a tech hub that will be ”the center of cybersecurity, the center of self-driving cars, drones, the center of Bitcoins,” beating out crypto-friendly businessman Andrew Yang to become the Democratic party nominee.

As part of his efforts to promote crypto and blockchain technology — or perhaps inspired by a friendly feud with Miami Mayor Francis Suarez — Adams announced following the election that he planned to take his first three paychecks in BTC.

Assuming the NYC mayor accepts a base salary of $258,750, his monthly paychecks would be roughly $21,562 each, a total of 1.51 BTC at a price of $42,948.

New York state is often the center of media attention related to regulation and enforcement for crypto firms in the United States.

The New York Attorney General’s office was responsible for the settlement of the case against Bitfinex and Tether, which in February agreed to pay $18.5 million in damages, and ordered Coinseed to close its doors after the firm allegedly defrauded investors out of more than $1 million.

Updated: 2-17-2022

Politicians’ Crypto Stunts Are Mostly Hype, But Harmless

There’s nothing wrong with state and local governments’ cryptocurrency experiments, as long as nobody has to take them too seriously.

The mayors of Miami and New York City have taken their salaries in cryptocurrencies. An Arizona state legislator wants to declare Bitcoin legal tender. From Florida to Wyoming, state and local officials have put forth or even carried out plans to accept various taxes in digital tokens — developments sometimes touted as a challenge to the U.S. dollar’s dominance.

Is crypto suddenly becoming official? Hardly. The attention being paid to these efforts far exceeds their likely consequences. As long as people aren’t inclined or compelled to take them too seriously, then governments should be free to experiment as they see fit.

The hype surrounding virtual assets and blockchain technology isn’t entirely unjustified. Properly regulated, digital currencies — issued by either private organizations or by the government — could save consumers and businesses hundreds of billions of dollars in transaction fees, connect more people to the formal banking system, and simplify international payments. They could even make the whole financial system more resilient, by reducing its reliance on a small group of crisis-prone banks.

Yet that brilliant future remains distant, and the state and local initiatives at issue have little to do with making it happen. On the contrary, they appear largely performative, aimed at generating publicity and latching on to the current crypto frenzy, which has more to do with zero-sum speculation than with creating value and improving the financial system.

As things stand, getting paid or paying taxes in digital tokens is far from appealing. Most cryptocurrencies are too volatile for such purposes: The dollar value of New York City Mayor Eric Adams’s first crypto paycheck, for example, fell an estimated 15% in the first days after he received it. Tokens tied to the dollar aren’t particularly reliable either. Transacting in virtual coins can entail processing snags and unpredictable fees, or require trusting intermediaries that don’t meet traditional standards. Then there’s the ever-present risk of losing one’s crypto or having it stolen.

The greatest danger is that the proposals would somehow convince or coerce people into using crypto or jeopardize public finances by requiring governments to hold the stuff. In Arizona’s case, for example, “legal tender” status could be interpreted to require the acceptance of Bitcoin to settle debts — though the draft legislation doesn’t specify, and would probably be unconstitutional if it did.

Wyoming’s initiative involving sales and use taxes could potentially leave the state holding crypto, which would be an obvious danger to taxpayers. (In most such schemes, crypto payments are immediately converted to dollars.)

Control for such risks, however, and there’s not much harm in being creative. Most of the proposals may never come to fruition. And the rare initiatives to actually operate have been short-lived. A 2018 Ohio effort to receive business taxes in crypto reportedly attracted fewer than 10 participants before being shut down. In Seminole County, Florida, former tax collector Joel Greenberg’s attempt to accept fees and property taxes in Bitcoin had precisely zero takers (before he resigned and pleaded guilty to various federal offenses).

One can’t help but appreciate the irony of officials rushing to embrace crypto, a movement originally aimed at obviating the need for central authorities. That said, there’s nothing wrong with a bit of experimentation, if it doesn’t harm anyone and might induce some added innovation. Just don’t mistake it for the legitimization of a technology that still has a long way to go.

Updated: 2-16-2022

Colorado To Accept Crypto For Tax Payments By End Of Summer

Gov. Jared Polis outlined the plans during an appearance on TV.

Colorado will start accepting cryptocurrencies for tax and other payments to the state by the end of the summer, Gov. Jared Polis said during a CoinDesk TV appearance on Wednesday. The state is currently hosting the 2022 ETHDenver conference.

* “For consumer convenience, we want to accept payment in a wide variety of cryptocurrencies, just as we do in credit cards,” said Polis.

* The governor said Colorado is currently looking for companies to handle the actual crypto transactions.

* “We don’t want to take the speculative risk of holding crypto, so we will be having a transactional layer there,” said Polis.

* Polis first outlined his hope to accept crypto for taxes at Consensus 2021, adding to his long history of being pro-crypto. As a Colorado congressman in 2014, Polis was one of the first U.S. politicians to accept campaign donations in bitcoin.

* Colorado wouldn’t be the first state to accept taxes via digital assets, but pilot programs in Ohio and Seminole County, Florida, were ultimately unsuccessful and scrapped.

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