New York's Mayor-Elect to Take His First Paychecks in Bitcoin

[24Kt]

He is taking it in Bitcoin but he is still taking the USD. It is not like he is getting paid in a fixed amount of BTC every month so it doesn't really make a difference whether he is taking it in btc or USD. Come to think of it, such thing will never possible with btc anyway because of its scarcity.

Payments with Bitcoin in definite amounts are not small. the salary of a politician in New York must be quite large. When he accepts payments in Bitcoin, then what if he completely sells everything. Because he is neither a merchant nor a holder. Obviously what he needed was USD. Surely the impact on the price of Bitcoin will be quite visible.

Even if we say the salary of NY Mayor is big, I don't think it will have an impact on the price of bitcoin. So even if he sells everything, it won't give a dent on the market. With this initiative, his constituents will be curious about bitcoin and crypto in general. So they will think that if their Mayor is trusting btc, it means it is legit. Because let's admit the fact that a lot of noncrypto users are still thinking that crypto is a scam or fraud.

[flyer88]

this is very good news for the crypto world, which is currently in dire need of things like that where the first salary received by the mayor of the US is in the form of digital currency, with this it will have a very positive impact on the crypto world for in the future and we hope that this will continue to happen for how many years he served as mayor in the area, and we as Crypto miners are very proud to see the achievements made by the mayor in the United States of America

[stompix]

Despite knowing that such a move, isn't going to have a significant impact on BTCitcoin, I liked what I was reading until I reached the following part... What's the fuss surrounding these so-called "CityCoins"?

Another project trying to milk the bitcoin hype for its own gains, this case the STX platform.
Besides, the most important thing about those citycoins:

Has the city of Miami partnered with CityCoins?
The city of Miami has not partnered with CityCoins. CityCoins are grassroots initiatives.

So, there is no such thing as an official Miami coin, it has nothing to do with the city of Miami or any authorities, it's just like those nation coins back in 2013, like Auroracoin.

Of course this news is good but I hope it is not just election propaganda, most politicians say exciting things during their election campaigns and then forget what they said after winning,

The difference is that he said this AFTER he got elected, not before!

[Obito]

it is very interesting who paid his salary in bitcoins? Does the SEC know about this?) of course it's nice to read it...if such established persons already write this, then soon we will not notice how we ourselves will receive wages in cryptocurrency, I would not mind, this is the future.

There's probably some paperwork that's doing all the work that they need to do for this kind of thing. Hopefully they do because if not then bitcoin will definitely be affected by this when it becomes a problem for the Mayor of New York. It's a good read and hopefully Miami follows what NYC has done with bitcoin since they're both supportive of bitcoin.

[Fesatmas]

Even if we say the salary of NY Mayor is big, I don't think it will have an impact on the price of bitcoin. So even if he sells everything, it won't give a dent on the market. With this initiative, his constituents will be curious about bitcoin and crypto in general. So they will think that if their Mayor is trusting btc, it means it is legit. Because let's admit the fact that a lot of noncrypto users are still thinking that crypto is a scam or fraud.

Yes if you talk to 1 or 2 politicians. Imagine how many politicians are in Now York today and all accept Bitcoin payments? speak on a large scale, not a narrow one. Obviously just 1 or 2 politicians won't have any impact but what about there are quite a lot of them and all accept Bitcoin?

[dupee419]

Even if we say the salary of NY Mayor is big, I don't think it will have an impact on the price of bitcoin. So even if he sells everything, it won't give a dent on the market. With this initiative, his constituents will be curious about bitcoin and crypto in general. So they will think that if their Mayor is trusting btc, it means it is legit. Because let's admit the fact that a lot of noncrypto users are still thinking that crypto is a scam or fraud.

Yes if you talk to 1 or 2 politicians. Imagine how many politicians are in Now York today and all accept Bitcoin payments? speak on a large scale, not a narrow one. Obviously just 1 or 2 politicians won't have any impact but what about there are quite a lot of them and all accept Bitcoin?

I think there's quite an impact when a single politician tweets something about cryptocurrency, and as big as the mayor of New York, the impact is still visible, announcing it publicly is actually a good idea, both Bitcoin, the people and the mayor will benefit as Mayor will take in his first 3 paychecks as Bitcoin, he definitely know what's up and definitely aware that the price is currently going up.

[fiulpro]

Weird, why just his first 3 checks as Mayor of the city? Him accepting it just 3x doesn't mean that he is crypto friendly. Maybe he is just jumping on the bandwagon of crypto and bitcoin.

Anyhow, he has created the hype for New York city and it's hard to stop it when your leader on the hype train. Hopefully though, there will be a lot of stores and shops and restaurant that will accept bitcoin thru LN in the city.

Even if it's the first 3 cheques it's a big deal since some people generally follow government officials especially the mayor and this would open up more possibilities for the future the least. Plus the government is also very lenient and friendly with online gambling right now so they are trying to show support in every sector, which I do think is pretty cool.

this is very good news for the crypto world, which is currently in dire need of things like that where the first salary received by the mayor of the US is in the form of digital currency, with this it will have a very positive impact on the crypto world for in the future and we hope that this will continue to happen for how many years he served as mayor in the area, and we as Crypto miners are very proud to see the achievements made by the mayor in the United States of America

Also people need to be happy with this news since Biden was not necessarily the biggest supporter of cryptocurrencies few months back therefore any push from any state would be a huge boon, his big policy moves were not so healthy for crypto industry.

These people are intelligent, I think they know what they are doing. They will have an explanation for this because they are in positions that are important. They are worried about their financial future, or they want to profit. It could also be a pure advertising, since they know "a Bitcoin salary payment is not possible".

Tampa mayor to accept pay in Bitcoin — Report
Source: https://cointelegraph.com/news/tampa-mayor-to-accept-pay-in-bitcoin-report

A salary payment might be possible, it's not illegal in the country , but it might be difficult since the government might not be as thrilled as the Mayor perse and they might deny but its his right to put his choice forth and I do think we should all have the transaction id so that this can become not only a national but an international+ point for Bitcoins and other cryptocurrencies, what impact it could have is obviously something we might have to calculate later.

[Fortify]

Democrat Eric Adams, who was elected as New York City's 110th mayor earlier this week, has just announced that he will take his first three paychecks in Bitcoin.

Shortly after the election, Adams vowed to make "the Big Apple" a cryptocurrency-friendly city in an interview with Bloomberg, following Miami's suit: 
"He has a MiamiCoin that is doing very well — we’re going to look in the direction to carry that out."
The mayor-elect said that he would strive to remove hurdles that are hindering the growth of Bitcoin and the broader cryptocurrency industry:
"We're too bureaucratic, too expensive and too difficult to do business."
New York state is notorious for its draconian BitLicense requirements that make it extremely challenging for crypto businesses to legally operate in the financial capital of the world.
Earlier this week, Miami Mayor Francis Suarez, who scored a landslide relection victory on Tuesday, tweet that he would accept his next paycheck entirely in the largest cryptocurrency.   


Source: https://u.today/new-yorks-mayor-elect-to-take-his-first-paychecks-in-bitcoin

It's a bit gimmicky but at least it is a positive development instead of spreading division or hate which we've seen lots of politicians do recently. It shows that he is very knowledgeable on cryptocurrency and is likely trying to appeal to younger generations, so hopefully he gets support. If he is willing to accept his paycheck in Bitcoin then we can see that he will likely expand on regulation in the state (in a good way) and probably want to turn New York into a center for cryptocurrencies to compliment it's already extensive financial credentials. It's probably one step down from the President endorsing it to have people at this level, albeit just a potential voters candidate, preaching the good news about Bitcoin.

[worldofcoins]

I'm not surprised, to be honest.
People will switch from classic banking to cryptocurrencies completely.
You will see certain restaurants and shops in majority of countries giving discounts for paying through Crypto currencies.

[DewiKirana]

Is the Mayor of New York just using Bitcoin as a booster for his electability, or is he really supporting cryptocurrencies?
If he really does support cryptocurrencies, then he should always receive his salary in Bitcoin to be consistent with his words.

[Gozie51]

I'm not surprised, to be honest.
People will switch from classic banking to cryptocurrencies completely.
You will see certain restaurants and shops in majority of countries giving discounts for paying through Crypto currencies.

This will begin to happen frequently. I think some football players too have received part of there sign up fee in token like Messi with PSG. So it will be a mainstream practice soon because with cryptocurrency no body knows what you do with it, it has freedom from monitoring.

Lionel Messi: PSG include cryptocurrency fan tokens in former Barcelona star's signing-on fee. ... Confirming an exclusive Reuters report, PSG said the tokens were included in his "welcome package," which media reports have estimated at €25-30m.13 Aug 2021

Messi was paid some crypto tokens too

[flyer88]

with the payment received by the mayor using bitcoin this will have a very good impact on the continuity of bitcoin so that it can be widely applied among many people, especially bitcoin currently in dire need of adoption from several developed countries as is happening at this time, with this I think this will have a good impact on the survival of bitcoin in the future with the payment received in the form of bitcoin by one of the mayors in America

[mich]

I think it's fantastic that Mayor-Elect Eric Adams wants to take his first three paychecks in Bitcoin. New York needs a mayor that is interested in fostering a booming tech sector.

The fact that the Mayor Elect invests in BTC shows he's aware of the technological trends and savvy enough to see all the benefits of cryptocurrencies.
I think his interest in BTC is a good sign he will expand the adoption of blockchain technology into many areas of New York's aging infrastructure.

[AakZaki]

That's good, the United States is a country that supports crypto, so I think that's a good fundamental for crypto. I think this can have an effect on people's trust growing. If he continues to take it in crypto form his salary,  I think he has read the opportunities of the future. Despite the fluctuating value he believes its value will grow. Although I believe his income is not only from salary as mayor.

[wxa7115]

Politicians are amazing when it comes to convincing people. how does he intend to receive his salary in bitcoin? and how will he be deducted from his salary the percentage of retirement? and it would not be illegal for him to receive salary in bitcoin since he is a government employee and the government has laws on salaries of its employees

Tampa mayor to accept pay in Bitcoin — Report
Source: https://cointelegraph.com/news/tampa-mayor-to-accept-pay-in-bitcoin-report

it looks like this is becoming fashionable

Good questions and unfortunately most likely those questions will go unanswered, after all why do we care if they accept payments in bitcoin or not in their personal lives? Tens of millions of people did so before them and no one cared about it, why should we care about them doing what many people have done before?

This is just another way for politicians to try to get some attention, so we should only think of them as supporting this market if they show through their policies that they actually care, otherwise this is just an empty gesture to try to garner the sympathy of the young voters.

[Gyfts]

Weird, why just his first 3 checks as Mayor of the city? Him accepting it just 3x doesn't mean that he is crypto friendly. Maybe he is just jumping on the bandwagon of crypto and bitcoin.

Anyhow, he has created the hype for New York city and it's hard to stop it when your leader on the hype train. Hopefully though, there will be a lot of stores and shops and restaurant that will accept bitcoin thru LN in the city.

It's more or less just pandering, but I'll take it. NYC is an economic hub with traditional financial intuitions running the the economic systems for quite some time. Andrew Yang was another candidate for NYC who lost in the primaries against Adams and he was extremely pro-Bitcoin which riled up his base, Adams is just following the crowd. I'll pay more attention if he's willing to overthrow traditional currency in favor of Bitcoin, but I'm not holding my breath.

[ropyu1978]

this is a very appropriate decision how he received his first salary as mayor in the form of bitcoin, as well as this has a positive impact on bitcoin which has recently experienced a slight setback in terms of price and level of trust so that with this at least it can boost popularity bitcoin like a few years before and also made an increase in the price of bitcoin, we also really hope that it is not only the mayor who will accept his salary, I am bitcoin and we hope that the wages of workers working there will also be given in the form of bitcoin

[wxa7115]

Weird, why just his first 3 checks as Mayor of the city? Him accepting it just 3x doesn't mean that he is crypto friendly. Maybe he is just jumping on the bandwagon of crypto and bitcoin.

Anyhow, he has created the hype for New York city and it's hard to stop it when your leader on the hype train. Hopefully though, there will be a lot of stores and shops and restaurant that will accept bitcoin thru LN in the city.

It's more or less just pandering, but I'll take it. NYC is an economic hub with traditional financial intuitions running the the economic systems for quite some time. Andrew Yang was another candidate for NYC who lost in the primaries against Adams and he was extremely pro-Bitcoin which riled up his base, Adams is just following the crowd. I'll pay more attention if he's willing to overthrow traditional currency in favor of Bitcoin, but I'm not holding my breath.

He does not need to be that enthusiastic about bitcoin, if he can at least reduce the number of regulations and how harsh those regulations are against bitcoin users and businesses that will be more than enough for now to demonstrate that he is indeed for real and wants businesses the settle at the city.

But for now as you said this is just pandering, however we know that many people fall for this as politicians are experts at showing those empty gestures and then do something completely opposite to what you could expect due to the signs they gave earlier.

[Rufsilf]

He is taking it in Bitcoin but he is still taking the USD. It is not like he is getting paid in a fixed amount of BTC every month so it doesn't really make a difference whether he is taking it in btc or USD. Come to think of it, such thing will never possible with btc anyway because of its scarcity.

Payments with Bitcoin in definite amounts are not small. the salary of a politician in New York must be quite large. When he accepts payments in Bitcoin, then what if he completely sells everything. Because he is neither a merchant nor a holder. Obviously what he needed was USD. Surely the impact on the price of Bitcoin will be quite visible.

Even if we say the salary of NY Mayor is big, I don't think it will have an impact on the price of bitcoin. So even if he sells everything, it won't give a dent on the market. With this initiative, his constituents will be curious about bitcoin and crypto in general. So they will think that if their Mayor is trusting btc, it means it is legit. Because let's admit the fact that a lot of noncrypto users are still thinking that crypto is a scam or fraud.

I think the newly elected Mayor of New York is just joining the crypto movement or bandwagon to gain more popularity which makes him win recently. Receiving his salary in the form of bitcoin 3x doesn't even mean he's into crypto, surely it wouldn't make an impact about him entirely. The bitcoin needs to be more regulated in that specific state to maintain the name of biggest ecomomy and center of all finance in the USA, and citizens need to be more informed so that they'll know more about crypto rather than seeing it as a sort of scam.
Anyways, him bring the name of bitcoin already means well. Let's just see for now what he might bring in this industry.