Eric Adams, the newly-elected Mayor of New York City, has expressed his desire to encourage cryptocurrency adoption by looking into how businesses can begin accepting cryptocurrencies as payment for financial transactions. The Mayor stated this in an interview with CNN on Sunday. This comes on the heels of his Twitter announcement, which caused quite a stir a few days ago. Adams had tweeted that his first three paychecks as Mayor would be paid in Bitcoin.
Mayor Adams was interviewed by CNN’s Dana Bash during the State of the Union address. In response to questions about his administration’s plans to promote the use of cryptocurrencies in payments, Adams stated that his administration will seek the safest methods and tread carefully while implementing the plans. This, he argued, is the best way to go about it. Adams also stated that his administration would promote growth and development in the City’s innovative industries, as well as make New York the center of the crypto industry.
What Has Been Said
In his response to Bash, Adams said that NYC is already known for its innovative industries -cybersecurity, drone technology, self-driving intuitive cars. These industries are leading the modern economy in NYC and Adams believes that by increasing blockchain and Bitcoin education, the younger generation of NYC residents will have more to explore and create.
Adams also said that he would encourage the adoption of cryptocurrency education into the academic curriculum of NYC schools. He argues that it is better for young students to gain the advantage of learning about the industry from a young age.
Cryptocurrency in The US
The US became the largest cryptocurrency country after overtaking China in August. China had finally enforced a long-threatened ban on cryptocurrencies in the country and cracked down on the industry. A few days after, China rolled out its CBDC put paid to crypto activities including mining.
Following that, the US regulatory agency, the SEC, said that it would not copy China to ban cryptos but would seek better regulations and collaborations to provide stability and safety for the industry. Since then, the SEC has matched its words with actions by approving a number of Bitcoin-ETFs for public trading on the New York Stock Exchange.
At a time when crypto awareness is at an all-time high, more investors are getting into the industry with billions of dollars invested from the US alone, according to Statista. The push for cryptocurrencies to be adopted in the US is gaining momentum. Although we might not see an official adoption such as El Salvador’s, it is most likely that states like NYC will continue to drive innovative use of cryptos for payment systems.
An increase in the use of Bitcoin will increase its intrinsic value going into the anticipated bull season. According to Texas’ Senator, Ted Cruz, Bitcoin remains a viable option to capture wastes and generate revenue from them. Cruz and Adams are undoubtedly united in their belief that the future of the economy cannot be separated from cryptocurrencies, which is of course welcome news for the global crypto community.
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