NYC mayor-elect Eric Adams says he plans to take his first three paychecks in bitcoin and the city is going to be the “center of the cryptocurrency industry”

- New York City mayor-elect Eric Adams plans to take his first three paychecks in bitcoin.

CNBC 2021-11-05 MacKenzie Sigalos

Context & Ripple Effects

Adams’s pledge builds on New York City’s earlier consideration of accepting bitcoin for parking-ticket payments, shifting crypto from a possible payment option to a mayoral economic-development signal. It also arrives after the New York attorney general opened an inquiry into major crypto exchanges, placing any city-level promotion alongside an active regulatory backdrop.

First-order effects

Adams immediately ties his personal compensation to bitcoin and makes cryptocurrency a stated part of his agenda for New York City.
The announcement gives crypto companies a prominent municipal advocate, but it does not itself establish a city payment program, incentive, or regulatory change.

Second-order effects

City agencies and prospective crypto partners face pressure to turn the mayor-elect’s branding into concrete initiatives while operating within the scrutiny already directed at exchanges by New York’s attorney general.
Other U.S. mayors gain a visible example of crypto being used as a talent- and industry-attraction message, a pattern later reflected in mayors pursuing blockchain and crypto projects.

Third-order effects

If civic crypto promotion continues to spread, cities may compete for technology companies through public-sector adoption and branding while state-level oversight continues to set the practical limits.
The split between municipal promotion and state enforcement points toward a fragmented U.S. crypto policy environment rather than a single city-led rulebook.

The trend: Crypto is becoming a municipal economic-development and political-branding tool, even as oversight of the underlying market remains largely state-led.

Discussion

@ericadamsfornyc Eric Adams on x
@FrancisSuarez @Sarasti 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!
@francissuarez Mayor Francis Suarez on x
I'm going to take my next paycheck 100% in bitcoin...problem solved! @Sarasti can you help? https://twitter.com/...
@billycorben Billy Corben on x
For which job? Mayor Ponzi Postalita has TWO conflict-ridden private sector gigs — in addition to his $130K compensation package as mayor of one of the poorest cities in the US — a private equity firm and law firm with a prominent crypto/blockchain practice. #BecauseMiami https:/…
@buildsoil @buildsoil on x
These mayors are declaring war on the planet and their own constituents. https://twitter.com/... https://twitter.com/...
@karaswisher Kara Swisher on x
A bitcoin beef between mayors! @ericadamsfornyc is putting in a strong rejoinder to @FrancisSuarez. https://twitter.com/...
@kenziesigalos MacKenzie Sigalos on x
Incoming NYC mayor @ericadamsfornyc taking his first three paychecks in #bitcoin. Latest move by Adams to try to one-up Miami as the new crypto capital of the country: https://www.cnbc.com/...
@harikunzru Hari Kunzru on x
Eric Adams and crypto, of course. He is going to be such a weird mayor https://www.vice.com/...
@anthroptimism Rainer on x
2035, everyone in Houston has run out of PimpC-oins from an augmented reality subscription scam we are forced to pay to the ZuckerBezos Megacorp to do VR gig work & the repo man turns off the levi-magnets beneath our houses as they sink back down into the permaflood waters https:…
@paulkrugman Paul Krugman on x
We're doomed https://twitter.com/...
@seanlippel Sean Lippel on x
As if you needed anymore reason to be bullish the future of crypto in NYC... #New York mayor-elect Eric Adams to take first three paychecks in bitcoin https://www.cnbc.com/...
@simoncrosby Simon Crosby on x
Wonder if he wants an NFT of the election result https://twitter.com/...
@nycdsatechwg @nycdsatechwg on x
A message for the new mayor @ericadamsfornyc if he actually wants to help struggling New Yorkers: Public banking > Cryptocurrency https://www.vice.com/...
@marklgoldberg Mark Leon Goldberg on x
I sort of feel like public servants should be paid in the currency of the country in which they serve. No? https://twitter.com/...
@snowden Edward Snowden on x
The newly-elected mayor of New York City: https://twitter.com/...
@saylor @saylor on x
#Bitcoin is hope for New York. https://twitter.com/...
@jathansadowski Jathan Sadowski on x
As the new NYC mayor, Eric Adams is gonna do all the crazy shit Andrew Yang wanted to but with the added benefit of being an ex-cop with a bizarre brain. The Big Apple was a weird city before, but Adams is about to make Cyberpunk 2077 real—glitches and all https://www.vice.com/..…
@brian_armstrong Brian Armstrong on x
So cool https://www.cnbc.com/...
@brian_armstrong Brian Armstrong on x
Excited to help! https://blog.coinbase.com/... @FrancisSuarez continues to lead https://twitter.com/...
@vogon Yves Adele Fartlow on x
this is literally just municipal bonds but worse https://twitter.com/...
@bonafidehan Bonafidehan.Eth on x
Ok hear me out Let's all move to NYC https://twitter.com/...
@cynthiamlummis Cynthia Lummis on x
Bested by the gentleman from Miami. Well done, sir. https://twitter.com/...
@bigblackjacobin Edward Ongweso Jr on x
our incredibly weird former cop vegan mayor wants New York City to have its own cryptocurrency—a CityCoin to compete with others like Miami's https://www.vice.com/...
@adam_k_levin Adam Levin on x
The new NYC mayor's visions for crypto seem risky, to put it mildly. https://www.vice.com/...
@grady_booch Grady Booch on x
“GothamCoin” sounds like something the underworld of the Batman cinematic universe would use. https://www.vice.com/...
@matthew_d_green Matthew Green on x
This gives me the sad emojis. https://www.vice.com/...

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