U.S. politicians have started embracing digital currencies at an increasing rate as the digital asset industry emerges as the new battleground for swaying audiences. Over the last week, four U.S. city mayors have announced accepting their paychecks in Bitcoin.
It started with Miami mayor Francis Suarez announcing that he would be accepting his next paycheck 100% in Bitcoin. Eric Adams, the mayor-elect for New York City followed suit by raising the bar further and announcing that he would be taking his first three paychecks in Bitcoin.
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!
— Eric Adams (@ericadamsfornyc) November 4, 2021
Following them further has been Scott Conger, the mayor of the City of Jackson (TN). In a tweet on Thursday, Conger said that although the city laws prohibit him from accepting Bitcoins directly, he will instantly convert his next paycheck into BTC instantly.
As the crypto landscape evolves, it is clear that politicians in these regions are taking steps to sway crypto industries to this space.
The Next Crypto Capital In the U.S.
There’s a sudden surge in the demand for crypto talent as jobs in this industry are picking up fast. Citing the Linked In data, Bloomberg reports that New York, San Francisco and Los Angeles have the largest share in crypto-related hiring this year in 2021. This is further followed by metropolitan areas like Miami and Chicago.
Interestingly, the industry isn’t getting concentrated into a single hub like finance in New York, tech in San Francisco and movies in Hollywood. Diogo Monica, co-founder of Anchorage Digital told Bloomberg:
“Crypto companies are an extreme version of tech, where the ethos of their work is about being decentralized. This means cities and states with lower taxes, great infrastructure, and quick access to an international airport will benefit from fully remote work.”
Miami Mayor Francis Suarez has often spoken of making the city the crypto capital of the world. He believes that different parts of the U.S. will naturally have a competitive advantage.“The medium to long-term prospects are enormous,” Suarez said. “It’s as transformational as the Industrial Revolution was.”
Crypto mining businesses have been moving to regions of surplus availability of green energy. On the other hand, crypto exchanges are setting up their base in the urban regions. It will be interesting to see as to which U.S. city will emerge as the crypto capital going ahead.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.