Bitcoin’s value is increasing, and so is demand. Government employees now demand that their paychecks be paid in Bitcoin, which is currently valued at $61,174.80.
Mayor-elect Eric Adams of New York City stated in a tweet on Thursday that he wants his first three city paychecks paid in Bitcoin, a dig at Miami’s mayor and a sign that he wants New York to be a location where the cryptocurrency business thrives.
Eric Leroy Adams is the mayor-elect of New York City. He is an American politician and retired police officer. He is now Brooklyn’s 18th district president.
According to Mitchell Clark from The Verge, the move is part of a (crypto) wallet-measuring contest with Miami Mayor Francis Suarez, as one of my colleagues pointed out in Slack — Adams’ tweet was in response to Suarez saying that he’d take his next paycheck in Bitcoin, and he threw in a remark about New York going big (hence the three paychecks, because three > one).
Both mayors are attempting to make their city the epicenter of the decentralized currency area, according to CNBC. Suarez has backed a project called MiamiCoin that allows individuals to invest crypto in the city, and Adams has vowed to look into what’s slowing down crypto investment in New York. Suarez also expressed his wish that the city’s payroll and taxes someday may be paid in bitcoin.
If this is going to happen, then a lot of questions are needed to be answered on How it’s gonna work? Does the city’s payroll account for that? How will this work considering Bitcoin’s changing price? What will the tax situation be like? These questions must be answered!
Bitcoin miners, on the other hand, use a lot of electricity in the United States. Is there a potential solution towards this issue, or will the United States suffer another energy crisis similar to the global chip crisis?
El Salvador’s president has said that Bitcoin would be approved as the country’s official currency, and with that in mind, anything is possible in the near future.