What to Know
- Mayor-elect Eric Adams announced that he plans to take his first three paychecks as New York City mayor in cryptocurrency.
- Adams made the announcement in response to a tweet by Miami Mayor Francis Suarez.
- Suarez's tweet came the morning of Election Day, but Adams didn't make his declaration until Thursday afternoon.
Mayor-elect Eric Adams announced that he plans to take his first three paychecks as New York City mayor in cryptocurrency.
Responding to a tweet by Miami Mayor Francis Suarez, who said he will take his next paycheck entirely in Bitcoin aiming to be the first politician to do so, Adams said: "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!"
Suarez's tweet came the morning of Election Day, but Adams didn't make his declaration until Thursday afternoon.
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Eric Adams, a 61-year-old Democrat and former police officer who will be New York City's second Black mayor, defeated Republican Curtis Sliwa on Tuesday. He takes office on Jan. 1.
Adams pledged Wednesday to be a practical and progressive mayor who will “get stuff done” for the nation's largest city.
But what exactly is Bitcoin? According to NBCNews.com, it is one type of digital currency, or “cryptocurrency,” dreamed up by an anonymous inventor (known as Satoshi Nakamoto) in the aftermath of the 2008 financial crisis.
"Think about digital currencies like viewing your checking account balance online — you see the number on your screen, but you don’t have the bills in your hands," NBC News explained in a previous report.
Last month, CNBC reported that a war is brewing among states to attract Bitcoin miners, and new data shows that a whole lot of them are headed to New York, Kentucky, Georgia, and Texas.