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

[Leviathan.007]

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

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[Yaunfitda]

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.

[dothebeats]

Doesn't really do much difference at all if he's already fiat-rich. What NYC needs in order to be the center of innovation and cryptocurrency are more than just their mayor receiving paycheck in bitcoin. Perhaps focusing some of their projects towards bitcoin and crypto adoption is the better way to go, and not some publicity stunt like this. Though in any case, if the head of the city is showing the world that even he is willing to receive his paycheck in bitcoin, then perhaps it might give some courage to companies who are already looking of doing the same but just quite unsure on whether they should continue with it or not.

Anyway, an even better idea to show the mayor-elect's commitment on the matter is receiving a portion of his salary in bitcoin up until the end of his term.

[GreatArkansas]

I am curious how will do this like they will use some Bitcoin payment processor? Like a 3rd party platform involved if it involves a paycheck. And addition, it could be more strict since they are in government.

Btw, my thoughts here are for sure that neighboring cities will follow on the decision of New Yorks, especially the Miami city which we saw recently the mayor there also is into cryptocurrency too.

[o_e_l_e_o]

I am curious how will do this like they will use some Bitcoin payment processor?

Presumably. I doubt very much that the New York City Government will figure out how to buy bitcoin to pay his salary. More likely he will accept his salary in USD and then instant convert it all to bitcoin. Strike App offers this functionality, as do some other apps and exchanges.

Doesn't really do much difference at all if he's already fiat-rich.

Him accepting his paychecks in bitcoin, whether it's one or three or a proportion of all this paychecks till the end of his term, really makes no difference to bitcoin or its adoption. However, it does put out a signal that he is serious when he says he wants to try to reform some of NY's overly aggressive laws and restrictions when it comes to bitcoin, which very well could lead to wider adoption and growth. And the more people in government at any level who are pro-bitcoin, then the more chance we have of reforming the ridiculous nation-wide tax laws and other regulations in the future.

[SFR10]

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"?
^{- SMH.}

• "He has a MiamiCoin that is doing very well — we’re going to look in the direction to carry that out."
  

Weird, why just his first 3 checks as Mayor of the city?

He was just aiming at a number, higher than what the "Miami Mayor" mentioned in his tweet ^{[he could've picked "two" instead]}.

[sunsilk]

It looks good when the news is coming from an official of the government like mayor, governor or any upper position of the government that tells they'll be accepting their salary in bitcoin.

There have been a lot of jobs that are paying their employees paychecks in bitcoin but they're not on the news because they're not popular people and professionals. Aside from that, the essence of it is to advertise what he's going to do on his city and he really should be the initiator if he wants to make NYC a crypto hub.

[mindrust]

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.

[Evgenklm]

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.

[romero121]

This isn't gonna make big changes in the adoption or usage. It could create some positive mind among the politicians around the globe. We've been getting more information on cryptocurrency usage on different needs. Brazilian minister has proposed bill on accepting salary in terms of bitcoin. What the New York Mayor have decided is something similar to that. He has revealed what he gonna do, and none is compelled to join. Anyhow this could serve as a base for other politicians to make such positive decisions on bitcoin.

[yhiaali3]

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, but even if this is true this in itself shows how much people care about Bitcoin because politicians are looking for things that matter most to people And they focus on it.
In any case, this is a positive thing because Bitcoin is gaining the attention of ordinary people and politicians. Politicians’ interest in Bitcoin will have a significant impact on the future of Bitcoin because they are able to push the government to accept Bitcoin or at least issue the necessary legislation to create a suitable atmosphere for Bitcoin.

[DarkDays]

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

Nice gesture but who's going to give him a paycheck in Bitcoin? He's still going to receive his dollars and it will be at his discretion to convert it to crypto...

In any case, I understand his bold statement that he's making, and who knows maybe it will snow-ball into something bigger   As it is, one must appreciate his efforts for being so open and out-spoken about it. We'll keep watch in this guy.

[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 is just a meaningless sign to tell people that he is in favor of cryptocurrencies, we are going to know a lot more accurately if this is true if we see that he changes the regulations regarding businesses that operate with cryptocurrencies.

Basically what he is seeing is that there is money in this industry and he does not want that money to go anywhere else, so personally I do not care if he is on board of bitcoin or not but if he changes the regulations at New York to bring more money to the city that is a win for the industry.

[fullhdpixel]

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.

The world is really changing for better for the cryptocurrency community. In the last decade you would hardly hear any news such as this where politicians,  and industry experts, and big businessmen are accepting payments in cryptocurrency. But things are changing right now and it’s for the better of the cryptocurrency community.

Imagine the mayor of New York accepting payment 100% in Bitcoin, that means a lot of people under him, especially his workers, are also going to develop interest in following his footsteps and doing the same thing as well. By the time they continue like that you will see that almost everyone would be showing interest in this. I can’t wait to see this happen.

[MinoRaiola]

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

[Slow death]

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

[Baofeng]

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".

And maybe the New York Mayor Elect is one whale you know? I think that's one possibility, maybe he was really into bitcoin years ago and already making money out it before dabbing himself into politics.

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

Because everyone wanted to upstage everyone.

Or just wanted to jump on this bandwagon that's why all Mayors are into it right now.

[MinoRaiola]

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".

And maybe the New York Mayor Elect is one whale you know? I think that's one possibility, maybe he was really into bitcoin years ago and already making money out it before dabbing himself into politics.

That's also possible, you're right. Or he knows someone who has promised him a great profit. Oh man, I hadn't thought of that, but yes... politicians can make it easy.

Because everyone wanted to upstage everyone.

Or just wanted to jump on this bandwagon that's why all Mayors are into it right now.
politics.

I think that's good. It's great advertising for Bitcoin and it reaches conservatives people. So in the future we will hear this more ans more. It's time that another country accepts Bitcoin as a currency.

[BIT-BENDER]

I don't like getting patronised by politicians, why first three months and why must it be after he is elected, why not give us transactions of him collecting payment in crypto-currency if he is working and if he has companies and employee is he paying them in crypto-currency, did he said that to settle the question of the tweet he tagged am from a country where politicians antics and smartness during election are well documented, I will see this as an adoption coming from new york if he has history of crypto-currency patronage and enthusiasm.

[Fesatmas]

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.