A wave of political goodwill and support for Bitcoin is building up. Is this just hype, or will there be long-lasting support for crypto?
As 2021 comes to a close, Bitcoin (BTC) has had a tumultuous ride this year, with wild price swings that have seen the pioneer cryptocurrency hit all-time highs only to retrace to lower prices — including a 50% drop that shook the market. Now, Bitcoin is once again back and stronger than ever, even recently going past its previous all-time high.
Bitcoin’s dizzying market price swings aside, it seems some politicians have recognized Bitcoin’s potential, with a wave of mayors across the United States expressing bullish sentiments.
From Florida to New York, there is a seemingly growing trend of politicians, particularly city mayors, supporting Bitcoin adoption.
Here is a look at some of America’s mayors who have expressed bullish sentiments about the leading cryptocurrency.
New York City Mayor-elect Eric Adams
Mayors across the U.S. have been pushing for the adoption of digital assets, including New York City’s newly elected mayor, Eric Adams, who has pledged that he will take his first three paychecks in Bitcoin. The move from Adams was in response to the mayor of Miami’s announcement two days earlier that revealed his plans to accept his next paycheck entirely in Bitcoin.
Adams, a former police officer with a reputation for being tough on crime, said in a tweet that “In New York we always go big, so I’m going to take my first THREE paychecks in Bitcoin.”
Adam further tweeted that “NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries.”
The newly elected mayor also spoke to Bloomberg, saying that he will “look at what’s preventing the growth of Bitcoin and cryptocurrency in our city.”
Mayor-elect Adams has been a Bitcoin bull for quite some time, having previously pledged to make New York City the center for Bitcoin. Adams has also suggested that schools add cryptocurrency and blockchain technology to their curriculum.
Miami Mayor Francis Suarez
Since his election, Adams has been duking it out with Miami Mayor Francis Suarez over who is the bigger Bitcoin bull. Suarez, who was reelected for another term after serving as Miami’s mayor since 2017, also claimed in a tweet that he would take his next paycheck “100% in Bitcoin.”
As a part of Miami’s plan to become the crypto capital of the U.S., Suarez said that the city plans to issue digital wallets to its citizens that would be used to dole out Bitcoin yields from the city’s crypto stash.
While some reports state that U.S. law prohibits certain states from holding volatile assets, Miami’s mayor remains adamant, claiming that his top priority is to hopefully run the city without taxes. Suarez has previously mentioned that he wants to pay city employees in crypto.
Cool Valley, Missouri Mayor Jayson Stewart
In the small town of Cool Valley, Missouri, Mayor Jayson Stewart announced that he intended to give each resident up to $1,000 in Bitcoin as a response to the growing adoption of cryptocurrencies.
The environmentalist mayor believes that Bitcoin can lift the town’s fortune through the establishment of Bitcoin mining facilities and other related activities. Stewart also believes that Bitcoin education holds the key to increasing wealth and prosperity in the region, and he hopes to one day see a Bitcoin-friendly bank in the city.
In an interview with Cointelegraph Magazine, Stewart said that “A lot of it is about fixing the wrongs of the past financial system. In the past, we didn’t have access to this amazing technology that we have today when it comes to our financial system and storing our value.”
Similar to Miami’s mayor, Stewart plans to dole out Bitcoin to the people of Cool Valley, with a plan that is funded by private donors who aim to increase the use and adoption of the digital asset.
The Missouri mayor has been a Bitcoin bull since as far back as 2015, when he used to work for a tech startup that served wealthy clients and earned a salary in Bitcoin.
Jackson, Tennessee Mayor Scott Conger
In the wave of cities across the U.S. edging closer to Bitcoin adoption, the city of Jackson, Tennessee is not one to be left behind. With a belief that Bitcoin is the only solution to fix the devaluation of the U.S. dollar and the inflation that is cutting across the global economy at the moment, the city’s mayor, Scott Conger, announced that a blockchain task force will study potential methods of enabling property tax payments in the city using Bitcoin.
In mid-July, Conger tweeted: “Why do we accept inflation? Why don’t we demand more from our federal government? 6.3% in 2 years. 172.8% in my lifetime. Every year our dollar is worth less. There is no rebound. There is only 1 fix for this.. #Bitcoin.”
Similar to the sentiments of other mayors, Conger has expressed interest in exploring options that will see the city’s employees receive their paychecks in cryptocurrency. The mayor also plans to adopt Bitcoin mining operations and add BTC to the city’s balance sheet. Apart from Bitcoin, Conger has also hinted at Ether (Ether) and Litecoin (LTC) as potential mediums for payments within the city’s financial operations.
Tampa, Florida Mayor Jane Castor
Tampa Mayor Jane Castor has also joined the fray of mayors in cities around the U.S. who are bullish on Bitcoin. A matter of days after Miami Mayor Suarez announced his plans to receive a Bitcoin paycheck, Castor followed suit.
Castor made the announcement on day two of the Florida Bitcoin and Blockchain Summit, which took place at the Amalie Arena in downtown Tampa.
— Jane Castor (@JaneCastor) November 5, 2021
Growing bullish sentiments
Apart from American mayors embracing Bitcoin and blockchain technology, other leaders around the nation and across the globe are starting to realize the benefits of Bitcoin and cryptocurrencies. For instance, U.S. Representatives Tom Emmer and Darren Soto sent a letter to the Securities and Exchange Commission in a call for the approval of Bitcoin ETFs in the U.S., something that many onlookers believe could set up a bullish trend for Bitcoin and legitimize cryptocurrencies.
Even traditional financial institutions that were bearish on Bitcoin are starting to admit that cryptocurrencies and blockchain technology are primed to bring about revolutionary changes to the finance industry. The chief operating officer of Bank of America, for instance, recently claimed that blockchain and cryptocurrencies could improve the operations of banks.
In Australia, Commonwealth Bank — one of the largest banks in the country, with nearly 16 million customers — has revealed plans to integrate Bitcoin into its services. All over the crypto space, a wave of bullish news continues to emerge, with Bitcoin appearing primed for upward momentum.