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Eric Adams’ Bitcoin Showdown Pits New York Mayor Against Miami’s Francis Suarez

Eric Adams ran his recent campaign on the promise of being the business-friendly candidate. Since being elected, he’s taken this stance to a new level, expressing a desire to make New York City the new cryptocurrency hub of the U.S. Adams has indicated that his interest in cryptocurrency as a pillar of his economic policy draws from the success of Miami, Florida, Mayor Francis Suarez, the mastermind behind the city’s successful crypto initiative. Since its launch, CityCoin has generated over $7 million for Miami. And now that type of innovation is coming to New York, courtesy of the Eric Adams Bitcoin (CCC:BTC-USD) plan.

Smartphone with Bitcoin chart on-screen among piles of Bitcoins
Source: Shutterstock

Eric Adams’ Bitcoin Stance Sparks Rivalry

It hasn’t taken long for the new mayor in town to launch a friendly rivalry with his colleague who helped make Bitcoin cool within policy-making circles. When a crypto influencer posed the question of who was going to going to be the first American politician to take their salary in Bitcoin, Suarez was quick to respond that he would. Adams then fired a shot of his own in a clear attempt to one-up his fellow big city mayor.

Adams didn’t just volunteer to lead the Bitcoin charge, though. He continued the trend of making big promises regarding the future of crypto in New York City, highlighting the pro-innovation through business development stance that helped carry him to victory. Miami is currently the city most synonymous with cryptocurrency, but Adams is looking to change that.

Two Mayors, One Crypto

It is interesting that cryptocurrency as a financial engine has appealed to two mayors from different cities and political parties. Republicans and Democrats are usually split on economic policy, but these two leaders are embracing crypto to transform cities.

Adams didn’t put much focus on Bitcoin during his campaign. That’s likely because he knew it might spook some voters who either did not understand it or were concerned with the environmental implications often associated with crypto mining. As has been demonstrated by Suarez’s work in Miami, though, crypto has the power to generate impressive revenue. The results speak for themselves. Introducing a vehicle similar to CityCoin will certainly help Adams make good on his promises to spur economic growth through innovation.

What Eric Adams’ Bitcoin Play Means For Crypto Markets

What can investors expect from this political emphasis on crypto? To start, it will lend further credibility to Bitcoin when civic leaders embrace it by taking their salary in it. Additionally, these developments will put a focus on crypto in communities that previously might not have taken it seriously. Citizens pay attention to their civic leaders, particularly when they craft policies that will yield positive results for them.

Gaining exposure to Bitcoin has never been easier or less scary, with the rise of the ProShares Bitcoin Strategy ETF (NYSE:BITO) and several other exchange-traded funds (ETFs) that have already followed. Crypto changed financial markets, but the ways in which we invest in it are already shifting. Politicians are already realizing this, and more will follow the example set by the recent Eric Adams Bitcoin play.

On the date of publication, Samuel O’Brient did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2021/11/eric-adams-bitcoin-showdown-pits-new-york-mayor-against-miamis-francis-suarez/.

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