By CultureBanx Team
- New York City’s mayoral-elect Eric Adams plans to receive his first three paychecks via Bitcoin
- The global cryptocurrency market is expected to reach $4.94B by 2030
Cryptocurrencies received a huge co-sign from New York City’s mayoral-elect Eric Adams, who plans to receive his first three paychecks via Bitcoin. As the city’s second Black mayor, his embrace of crypto along with a promise to make NYC the center of the industry have generated excitement, as the global market is expected to reach $4.94 billion by 2030.
Why This Matters: Adams has suggested schools teach cryptocurrency and its technology; pledged to explore a mechanism to allow New Yorkers to be paid in virtual currencies. While he’s in office it’s possible for him to appoint an aide and call them “crypto czar,” create a mayor’s office of crypto currency or task a deputy mayor with promoting the industry.
“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!,” Adams wrote in a Twitter post.
The incoming mayor’s toughest obstacle to making it easier for crypto companies to do business is a regulatory regime that’s one of the strictest in the U.S., according to Bloomberg. It’s also one over which he’ll have no power, given the state’s control over virtual currency rules.
What’s Next: New York and San Francisco already have the largest shares of crypto specialist jobs in the U.S., but the industry hasn’t yet settled on a single hub. Cities like Miami, Austin and Denver, are increasingly attracting top crypto talent. Adams takes office on January 1st.
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