By Neale Orinick
The adoption of cryptocurrencies into the mainstream may be slow but it is steady. Four mayors of major U.S. cities will now accept all or some of their salaries in bitcoin.
The first mayor to declare he wanted to be paid in digital currency was Miami, Florida mayor, Francis Suarez. Soon after his announcement, the mayor of Tampa Bay, Jane Castor, announced she would also like to be paid in bitcoin.
Since then Mayor-elect of New York City, Eric Adams, has asked his first few checks be in bitcoin. The mayor of Jackson, Tennessee, Scott Conger, announced he will be converting his paychecks to bitcoin since it is illegal, as of right now, to pay him directly with a cryptocurrency.
What all four of these political leaders have in common is a belief in the staying power of cryptocurrencies and in converting their cities, and eventually states, to crypto havens.
Mayor-elect Adams has been clear about his intent to make NYC “the center of the crypto industry” and wrote in a recent tweet:
"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!"
A Call To Action
The man credited with urging these politicians to begin accepting their salaries in bitcoin is Anthony Pompliano (aka Pomp). The founder and partner at Morgan Creek Digital, a firm that specializes in blockchain technology and digital assets, tweeted out:
“It is time. Who is going to be the first American politician to accept their salary in bitcoin?”
Pompliano is an investor and entrepreneur who has worked with Facebook and SnapChat and is a long-time investor in early-stage technology companies.
Somebody Had To Be First
Mayor Francis Suarez of Miami told nasdaq.com that “manipulated central bank currencies” were the driving force behind his decision to request his entire salary be paid in bitcoin, making him the first American politician to do so.
"When governments are spending the kind of money that they are, when you have inflation at the point that it is, when you have rampant overspending in government and deficit spending, all of that pushes in favor of an increase in the price of Bitcoin," Suarez said. "So I feel very comfortable getting my entire salary in bitcoin."
Mayor Suarez also said that all city employees can request their salaries in Bitcoin too, but it is completely optional.
Suarez would like to see his city at the forefront in developing more blockchain technology and widespread use of cryptocurrencies in place of U.S. dollars to, "send a message to the world that we are going to be one of the most innovative governments and innovative cities on the planet."
The Bitcoin Bandwagon
Right after Mayor Suarez announced his intentions to be paid in cryptos, three other big city mayors jumped on the bitcoin bandwagon.
Mayor Jane Castor, a former police officer, announced her intention to be paid in digital coins at Florida’s Bitcoin Blockchain Summit. Her bitcoin salary will be processed through Celcius Network.
If three is a crowd then four is a parade, right? Soon after Mayors Suarez and Castor made it public that they would be paid in bitcoin, New York Mayor-elect Eric Adams stated his intentions to receive his first three checks in bitcoin. To be one of the cool kids, Jackson, Tennessee’s mayor, Scott Conger, is getting around the legal hurdle of being paid in cryptos announcing he will have all his checks converted into digital coins.
Jackson is a technology-centered city and Mayor Conger says his administration is “‘actively exploring the option to pay its employees in cryptocurrency in addition to mining Bitcoin and adding it on the city’s balance sheet.’ The mayor hinted that the city is looking to enable payrolls in several digital assets, mentioning coins like Bitcoin, Ether (ETH), and Litecoin (LTC).”
Several professional sports players are already being paid part of their salaries in cryptos. States and cities around the nation are actively recruiting more cryptocurrency mining, supporting initiatives to allow their residents to receive their salaries in bitcoin and even pay their state taxes with it.
