As of the end of 2021, Bitcoin (BTC) has had a tumultuous ride this year, with wild price swings that caused the pioneering cryptocurrency to hit all-time highs only to return to lower prices – including a 50% decline, that shook the market. Now Bitcoin is back and stronger than ever and even recently surpassed its previous all-time high.
Aside from the staggering volatility in the market price of Bitcoin, some politicians seem to have recognized the potential of Bitcoin, and a wave of mayors across the United States expressed optimism.
From Florida to New York, there is a seemingly growing trend of politicians, especially mayors, who support the adoption of Bitcoin.
Here’s a look at some of America’s mayors who have been optimistic about the leading cryptocurrency.
New York City Mayor-Elect Eric Adams
U.S. Mayors have pushed for the adoption of digital assets, including New York City’s newly elected Mayor Eric Adams, who has pledged to take his first three paychecks in bitcoin. Adams’s move came in response to the announcement made two days earlier by the Mayor of Miami, who revealed his plans to accept his next paycheck entirely in Bitcoin.
Adams, a former cop with a reputation for being tough on crime, said in a tweet: “We always make it big in New York, so I’ll take my first THREE paychecks in bitcoin.”
Adam further tweeted that “NYC will be the hub of the cryptocurrency industry and other fast-growing, innovative industries.”
The newly elected mayor also spoke to Bloomberg and said he would “see what is preventing the growth of bitcoin and cryptocurrency in our city”.
Mayor-elect Adams has been a bitcoin cop for quite some time, having previously promised to make New York City the center for bitcoin. Adams has also suggested that schools include cryptocurrency and blockchain technology in their curriculum.
Miami’s Mayor Francis Suarez
Since his election, Adams has argued with Miami Mayor Francis Suarez over who the bigger Bitcoin bull is. Suarez, who has been re-elected as Mayor of Miami for another term since 2017, also claimed in a tweet that he would accept his next paycheck “100% in Bitcoin”.
As part of Miami’s plan to become the US crypto capital, Suarez said the city plans to issue its citizens with digital wallets that will be used to spend Bitcoin proceeds from the city’s crypto stash.
While some reports say U.S. law prohibits certain states from holding volatile assets, the Mayor of Miami remains adamant, claiming that his top priority is hopefully running the city without taxes. Suarez previously mentioned that he wants to pay city workers in crypto.
Cool Valley, Missouri Mayor Jayson Stewart
In the small town of Cool Valley, Missouri, Mayor Jayson Stewart announced that he would give up to $ 1,000 in Bitcoin to every resident in response to the increased adoption of cryptocurrencies.
The environmentalist mayor believes Bitcoin can increase the city’s wealth by setting up Bitcoin mining facilities and other related activities. Stewart also believes that bitcoin education is key to greater wealth and prosperity in the area, and hopes to see a bitcoin-friendly bank in town one day.
In an interview with Cointelegraph Magazine, Stewart said, “A lot is about fixing the flaws of the past financial system. In the past we didn’t have access to the amazing technology we have today when it comes to our financial system and storing our value. “
Much like the Mayor of Miami, Stewart plans to distribute Bitcoin to the people of Cool Valley, with a plan funded by private donors aimed at increasing the use and adoption of the digital asset.
The Mayor of Missouri has been a bitcoin cop since 2015 when he worked for a tech startup serving wealthy clients and making a salary in bitcoin.
Jackson, Tennessee Mayor Scott Conger
In the wave of cities in the US getting closer to the adoption of Bitcoin, the city of Jackson, Tennessee is not left behind. Believing that Bitcoin is the only solution to address the US dollar devaluation and inflation that is currently affecting the global economy, the city’s mayor Scott Conger announced that a blockchain task force would have potential methods To enable us to investigate property tax payments in the city with Bitcoin.
In mid-July, Conger tweeted: “Why do we accept inflation? Why are we not demanding more from our federal government? 6.3% in 2 years. 172.8% in my life. Every year our dollar is worth less. There is no recoil. There is only 1 fix for that .. #Bitcoin. “
Similar to other mayors, Conger has expressed an interest in exploring options for city employees to receive their paychecks in cryptocurrency. The mayor also plans to roll out bitcoin mining operations and add BTC to the city’s balance sheet. In addition to Bitcoin, Conger has also hinted at Ether (Ether) and Litecoin (LTC) as potential means of payment within the city’s financial operations.
Tampa, Florida Mayor Jane Castor
Tampa Mayor Jane Castor has also joined the battle of mayors in cities across the US that are bullish on Bitcoin. Just 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, held at the Amalie Arena in downtown Tampa.
We are proud to host the Florida #Bitcoin & #Blockchain Summit here at @CityofTampa, where we encourage innovation and embrace new technology. pic.twitter.com/3ig7L5u1bd
– Jane Castor (@JaneCastor) November 5, 2021
Growing bullish sentiments
Aside from American mayors adopting bitcoin and blockchain technology, other leaders across the country and around the world are also beginning to see the benefits of bitcoin and cryptocurrencies. For example, U.S. Representatives Tom Emmer and Darren Soto sent a letter to the Securities and Exchange Commission demanding approval of Bitcoin ETFs in the U.S., something that many viewers believe will spark an upward trend for Bitcoin and legitimize cryptocurrencies.
Even traditional financial institutions, who have been pessimistic about Bitcoin, are starting to admit that cryptocurrencies and blockchain technology are poised to bring about revolutionary changes in the financial industry. For example, the Chief Operating Officer of Bank of America recently claimed that blockchain and cryptocurrencies could improve the way banks operate.
In Australia, the Commonwealth Bank – one of the largest banks in the country with nearly 16 million customers – has announced plans to add Bitcoin to its services. A wave of bullish news continues to emerge across the crypto space, with Bitcoin appearing to be poised for an upward momentum.