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Shortly after winning the race for New York City mayor, Eric Adams is letting the world know “The Big Apple” plans on being crypto-friendly. Earlier this week the mayor-elect said, “NYC is going to be the center of the cryptocurrency industry.” And on Thursday, he announced he’d convert his first three paychecks as mayor into Bitcoin, showing his political support for crypto.

Mr. Adams appeared to be mirroring the moves of crypto enthusiast and Miami Mayor Francis Suarez. On Tuesday, Mr. Suarez said he’d take his next paycheck in 100% Bitcoin. Suarez also stated in February that Miami will accept Bitcoin as payment for taxes and allow employees to get paid in Bitcoin.

Since taking office, Mr. Adams has been squabbling with Suarez about who can turn their cities into the country’s crypto capitals. In an interview with Bloomberg, the New York mayor-elect said he wanted some “friendly competition” with Suarez.

Bitcoin 2021, dubbed as the world’s largest bitcoin convention, drew about 12,000 loyal fans to Miami earlier this year. Many other crypto-related conferences have also selected Miami because the city is so enthusiastic about crypto. Miami has even been recruiting bitcoin miners to take advantage of the region’s nuclear power.

Meanwhile, New York considered banning bitcoin mining for three years to evaluate its effect on the environment. Mr. Adams said, “We call ourselves the Empire state. How don’t we engage with those who have the empires here?”

If your boss could pay you in cryptocurrency, would you accept?

I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

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