Results from local and state elections across the U.S. are filling the airwaves today. In New York City, home to several recent elections, one result in particular promises to have consequences for financial markets. Mayor-elect Eric Adams recently discussed his plans for cryptocurrency in an interview with Bloomberg Radio. His says he intends for the city’s economic policy to involve building on the success recently enjoyed by Miami, Florida, over the past few months. Discussion of this new development has kept social media channels excited as speculation builds regarding the Eric Adams crypto chatter.
The Eric Adams Crypto Plan
As Adams sees it, crypto could bring substantial increases in both revenue and jobs back to New York as the city looks to move forward from the Covid-19 pandemic. In the interview, he cited the success of MiamiCoin, introduced by Miami Mayor Francis Suarez. “We’re going to look in the direction to carry that out,” he stated, referring to what will likely become known as the Eric Adams crypto plan.
It’s not hard to see why Adams is embracing Bitcoin (CCC:BTC-USD). As the Washington Post reported, Miami has seen its revenue spike by $7 million since the introduction of MiamiCoin in August 2021. As InvestorPlace analyst Luke Lango explained, this partnership with CityCoins provides investors with the ability to “buy a crypto, stake it, and share the profits of that staking with the city in a 70/30 split – instead of paying taxes.”
That statistic was from only a few months post MiamiCoin’s launch. As Suarez noted, it has the potential to increase city revenue by considerably more throughout the coming year, potentially by as much as $60 million.
Crypto on Wall Street?
Adams emphasized importance of helping Bitcoin and cryptocurrency in general grow in New York, recognizing the investment’s potential. The city is already hailed as the financial capital of the world, home to Wall Street.
While it’s true that powerful Wall Street executives have long argued against Bitcoin, they are slowly, albeit grudgingly, embracing it. Now that its city has a mayor who believes in the power of crypto, it is likely that Wall Street will take further action to cash in on the current boom. With the launch of the ProShares Bitcoin Strategy ETF (NYSE:BITO) and new funds like it already being launched, investors are getting increased access to Bitcoin.
Bitcoin Brings Innovation Incentives
The potential benefits for New York City wouldn’t strictly be confined to revenue increases, though. Adams also stressed the importance of creating a “pipeline of talent” for jobs in the crypto space.
He’s well positioned to accomplish this. As Bloomberg also noted, during Adams’ time as borough president in Brooklyn, New York, the number of tech startups has increased by 365% in only a decade. During his mayoral campaign, he consistently employed a strategy focused on business-friendly policies.
This year has seen Bitcoin rise to historic highs while other cryptos have ridden the wave alongside it. As more politicians began to learn from the civic leaders embracing cryptocurrency as a financial engine and driver of economic growth, these positive trends will only continue. The impending Eric Adams crypto plan is only the start.
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.