Mayor Adams previously said he would be accepting his first three paychecks, or $97,000 annualized, in cryptocurrency
Tag: Eric Adams
NYC Mayor Eric Adams Reiterates City’s Commitment to Bitcoin, Says ‘The Best Time To Buy Is When Things Come Down’
New York City Mayor Eric Adams remains bullish on Bitcoin (BTC) amid a downturn that saw the flagship cryptocurrency plummeting below $43,000.
In a new interview on CNBC’s Squawk Box, Adams cites the upsides of buying the leading crypto asset by market cap during the dip.
“Sometimes the best time to buy is when things go down so when they go back up, you’ve made a good profit.”
In November, Adams promised on Twitter that he will receive his first three paychecks in Bitcoin when he becomes mayor. This would make him the first politician to accept a crypto salary.
“I’m going to take my first three paychecks in Bitcoin.
I haven’t received my first check yet, but I think we need to use the technology of blockchain, Bitcoin, of all other forms of technology and I want New York City to be the center of that technology.
I’m looking forward to that first paycheck in Bitcoin.”
Adam is pushing to make New York City the capital of crypto.
Last year, the Big Apple saw the launch of its first-ever cryptocurrency, the NewYorkCityCoin (NYCCoin), following a tweet from then Mayor-elect Adams that he wants the city to have its own digital asset.
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Kit8.net
NYC mayor getting paid in Bitcoin suggests buying the dip
Newly sworn-in New York City Mayor Eric Adams is already using his influence to publicly speak 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 earlier today — 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, he 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.
Related: Miami mayor plans to accept next paycheck entirely in Bitcoin
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.
New York coin launching this week with Mayor-elect Eric Adams’ blessing
The NYCCoin is set to launch on Nov. 11 with the community-led proposal endorsed by New York City’s Mayor-elect Eric Adams.
The NY-focused cryptocurrency is being launched by CityCoins, the same firm that provides the MiamiCoin. The project utilizes the Stacks Protocol built atop of the Bitcoin blockchain to enable smart contracts and issue its coins.
CityCoins tweeted on Nov. 9 that it was activating NYCCoin mining this week after Adams stated on Nov. 4 that he wanted to have a “CityCoin for NYC” like in the case of Miami City.
Adams followed that up earlier today 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 the NYC Mayor on Nov. 2 and will take the reins at the start of 2022. The 61-year-old Democrat is a strong crypto proponent and has vowed to take his first three paychecks in Bitcoin (BTC) 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 Nov. 7.
In Miami, the city’s commissioners voted to accept funds generated from Miami Coin, however CityCoins notes that it is yet to officially partner with the NY 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.
Related: Law Decoded: Which currency is the paycheck of your city’s mayor in? Nov. 1–7
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 under-privileged communities and programs to mitigate the risks of climate change.
NYCCoin users can mine the coin by forwarding Stacks (STX) tokens into the smart contract on Stacks, and receive new CityCoin tokens, with 70% of the mining rewards going to users who lock up and “stack” or stake their CityCoins.
NYC to Mine its Own Token, Following Backing From Mayor-Elect Adams
The New York City Mayor-elect’s backing towards a pro-crypto future has pushed forward the development of a token for the city after he engaged in friendly online banter with the Miami mayor over Bitcoin. Reportedly, Adams’s ambition- NYCCoin, the token mining is expected to kick off on Wednesday.
“He has a MiamiCoin that is doing very well – we’re going to look in the direction to carry that out,” Adams said in an interview on Bloomberg Radio. He vowed to “look at what’s preventing the growth of Bitcoin and cryptocurrency in our city.”
CityCoins, which works on the Stacks protocol, has initiated the plan to introduce NYCCoin following a community-led crypto project to create a dedicated city-based token. CityCoins will also include taking paychecks in the largest cryptocurrency by market value.
Last week, Eric Adams – who promised to take his first three paychecks in Bitcoins – entered into a healthy competition with Miami Mayor Francis Suarez and announced his plans to work on a native cryptocurrency NYCCoin by taking inspiration from Miami’s MiamiCoin.
NYCCoin will be similar to MiamiCoin, which was launched by CityCoin in August and became the first municipality in the United States. The tokens accept cryptocurrency contributions through CityCoins, a nonprofit and open-source protocol that allows people to hold and trade cryptocurrency.
According to Bloomberg, Patrick Stanley, a CityCoins community lead, said that NYCCoin mining is expected to kick off Wednesday, after which the city’s wallet stands to get fatter.
According to data from CityCoins, MiamiCoin has earned the city over $21 million. Outsiders can send STX tokens to “mine” MiamiCoin, and a percentage goes to the city’s designated crypto wallet.
Adams, an ex-Police Captain and Democratic party candidate, has vowed to build a crypto-friendly city when he takes office in January. He won the New York City Mayoral race by gaping his closest competitor Curtis Sliwa after garnering 67% of the total votes.
Since he campaigned for NYC Mayor, Adams – the second elected black Mayor of New York City – has been vocal about his visions on making the city the next crypto hub to watch after Miami.
Image source: Shutterstock
Kids Should Be Taught About Cryptocurrency: NYC Mayor-elect Adams
New York City Mayor-elect Eric Adams, a major proponent of cryptocurrency in the US, made another statement in support of digital currencies, saying that schools should teach about the technology.
As Adams vows to build a crypto-friendly city when he takes office in January also said that he will take his first three paychecks in Bitcoins.
“When I talked about blockchain and Bitcoins, young people on street stopped and asked me, ‘What is that?’” Adams said on CNN’s “State of the Union” on Sunday.
Bitcoin means a “new way of paying for goods and services throughout the entire globe,” he said.
Adams’ statement comes at a point when the crypto world is booming but lags behind in simplifying the currency for kids.
“Most explanations of cryptocurrency are far too complicated for children (and parents!) to grasp. In a lot of cases, you need to be a total tech geek to understand what on earth bitcoin is,” according to an online media report.
To tackle this problem, businesses such as Crypto Kids Camp provide services to educate children about cryptocurrency.
“Crypto Kids Camp combines emerging technology with financial literacy to create a unique educational experience that not only improves upon these conventional programs but stands in a lane of its own,” Crytpo Kids Camp said on its website.
Another major aspect of Adams’ Bitocin plan is to explore setting up an NYC crypto coin similar to “MiamiCoin.”
MiamiCoin, a so-called CityCoin cryptocurrency, was set up by Miami Mayor Francis Suarez – who will become the first American lawmaker to accept bitcoin as a salary payment.
“He has a MiamiCoin that is doing very well – we’re going to look in the direction to carry that out,” Adams said.
Adams, an ex-Police Captain and Democratic party candidate, won the New York City Mayoral race by gaping his closest competitor Curtis Sliwa after garnering 67% of the total votes.
Since he campaigned for NYC Mayor, Adams – the second elected black Mayor of New York City – has been vocal about his visions on making the city the next crypto hub to watch after Miami.
Crypto Paychecks for All
Adams, the second elected black Mayor of New York City, also said that New York City would tread carefully to look at businesses to accept Bitcoin or other cryptocurrencies and explore ways that might allow New Yorkers to be paid directly in Bitcoin other cryptocurrencies.
Adams said he would have to convert his dollar paycheck into Bitcoins, as there’s no automatic way 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.”
Image source: Shutterstock
Incoming NY mayor wants crypto taught in schools
New York Mayor-Elect Eric Adams appears to be doubling down on his pro-crypto stance, asserting that that schools should incorporate cryptocurrency studies into their curricula.
Speaking during a Nov. 7 interview with CNN’s State of the Union, Adams described cryptocurrency as “a new way of paying for goods and services throughout the entire globe,” urging local schools to equip students for “the new way of thinking” brought about by blockchain technology and digital assets.
“We must open our schools to teach the technology, to teach this new way of thinking.”
Adams also anecdotally noted surprisingly low awareness of crypto among his young constituents. “When I talked about blockchain and Bitcoins, young people on the street stopped and asked me, ‘What is that?’” said the 61-year-old Democrat.
He also indicated plans to encourage New York businesses to accept Bitcoin (BTC) and other cryptocurrencies as a form of payment, saying he would “tread carefully” and “get it right.” The mayor-elect added that New York must remain a “centre of innovation, no matter what that innovation is.”
Adams’ comments have been met with mixed reactions from the crypto community on social media.
User “nimadows” stated crypto studies “must’ become incorporated into school curricula, asserting that new investors must be equipped with “an open mind and sufficient knowledge” before braving the digital asset markets.
Others criticised the proposition, with “InnocenceCapit1” characterizing cryptocurrency as “speculative garbage.” Schools should be focused on “successfully teach[ing] math, history, science, language and actual financial concepts first,” they added.
Invoking recent criticisms of Adams from Harvard economist Jason Furman, Twitter user “OnlyAPrimate” described the mayor-elect’s recent cheerleading for digital assets as “kind of grifty” given Adams’ intention to receive his first three mayoral paychecks in the form of BTC.
“I really like Eric Adams but I don’t think his job description is pumping up a crypto-currency that [he] is about to be paid in. It seems kind of grifty,” they posted.
Related: NY Mayor-elect Eric Adams will take his first three paychecks in Bitcoin
The incoming mayor’s policy platform includes transforming the city into the US’ crypto hub. Adams also said in a Wednesday interview with Bloomberg Radio that he plans to explore setting up a city crypto coin in New York similar to MiamiCoin.
New York wouldn’t be the first city in the US to implement a study program including crypto. In March this year, The Georgia House of Representatives passed a bill calling for state education officials to implement a financial literacy program including crypto in high schools.
NYC Mayor-Elect Adams Says He Will Take First 3 Paychecks in Bitcoin
New York City Mayor-elect Eric Adams, a cryptocurrency proponent, made a landmark statement on his Twitter, saying that he will take his first three paychecks in Bitcoin when he takes over City Hall in January.
Adams, an ex-Police Captain and Democratic party candidate, won the New York City Mayoral race by gaping his closest competitor Curtis Sliwa after garnering 67% of the total votes.
Since his campaign for NYC Mayor, Adams – the second elected black Mayor of New York City – has been vocal about his visions on making the city the next crypto hub to watch after Miami.
His boisterous statements such as “NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries,” has the crypto community keeping a close watch on him.
Making crypto one of the key highlights of his election campaign, Adams has said that he will transform the city within one year of taking office with digital currencies featuring prominently in his government.
“I promise you, in one year […] you’re going to see a different city. […]. We’re going to become the center of life science, the center of cyber security, the center of self-driving cars, drones, the center of bitcoin. We’re going to be the center of all the technology,” he said during his campaign for NYC mayor.
Adams’ crypto-friendly vision coincides with that of Miami Mayor Francis Suarez who was the first to set up a so-called CityCoin cryptocurrency. He has said that he wants to explore NYC Coin similar to Miami’s.
“He has a MiamiCoin that is doing very well – we’re going to look in the direction to carry that out,” Adams said in a Wednesday interview on Bloomberg Radio. He vowed to “look at what’s preventing the growth of Bitcoin and cryptocurrency in our city.”
Adams has been closely following in Suarez’s footsteps as his tweet came as a response to Suarez’s statement, where he announced that he would take his next paycheck 100% in Bitcoin. Michael Sarasti, Miami’s director of innovation and technology, has also tweeted about receiving his paycheck in Bitcoin.
In doing so, Suarez stated that he will become the first American lawmaker to accept bitcoin as a salary payment. According to the Miami Herald, the mayor of Miami’s annual salary is $187,500.
Accepting bitcoin as a paycheck may not be as complicated as it sounds. Suarez has insinuated he would convert his pay through payment provider Strike’s Pay Me in Bitcoin feature, a dollars-to-Bitcoin conversion mechanism.
While the budding Bitcoin romance is generating attention for Adams and Suarez, it remains to be seen if it advances the case for Bitcoin as a transactional currency.
In an innovative move, mayor Suarez has also proposed formalizing a mechanism by which Miami would let employees take part of their salaries in cryptocurrency.
But even then, Miami has explored doing so through a contract with a third party. In somewhat of a drawback, local governments in Florida are prohibited from directly holding or investing in volatile assets.
Image source: Shutterstock
NYC and Miami mayors duke it out on Twitter over who is the bigger crypto advocate
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.
In a Nov. 4 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 (BTC) in addition to the following two payments. 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. 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.
Both Adams and Suarez, as a political candidate and public servant, respectively, have advocated for their cities to be 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.”
Related: Crypto City: Guide to New York
Both New York City and Miami have often been the focus of many in the crypto space due to precedent-setting policy 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.
NYC Mayor-Elect To Take First Three Paychecks In Bitcoin
Skip to main content