New York City mayor-elect vows to take first paychecks in crypto

New York City Mayor-elect Eric Adams vowed Thursday to take his first three paychecks in Bitcoin as he pushes to ensure that the city remains the global financial capital.

"In New York, we always go big, so I’m going to take my first THREE paychecks in Bitcoin when I become mayor," Adams said on Twitter, fresh off his election win on Tuesday. "NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!"

The tweet was made in reply to Miami Mayor Francis Suarez, who said he would take his next paycheck in Bitcoin. Suarez has embarked on a bullish campaign to make Miami into something of a crypto capital, telling Bloomberg in late October that he would advance plans to pay city workers in Bitcoin and other proposals to allow residents to pay fees and taxes in the cryptocurrency.

“I want us to differentiate ourselves as a crypto capital of the United States or of the world,” he said.

Miami earlier this year hosted Bitcoin 2021, which attracted thousands of crypto enthusiasts to Florida's urban heart. The city has further established a CityCoin cryptocurrency.

Adams' announcement is a direct response to Miami's growing stature in the crypto world, and he said in an interview with Bloomberg Radio on Wednesday that he wants to make New York a crypto-friendly city.

"He has a MiamiCoin that is doing very well -- we’re going to look in the direction to carry that out,” Adams said of Suarez and his CityCoin. "This is the Empire State, and we’re going to build empires."

Bitcoin has spiked since late October and is currently trading around $61,400.