The Big Apple is known for its might in several of the most important sectors set across the industry landscape, including finance, fashion, publishing, and transportation. While it is a major part of New York City and helps in many ways run the various logistics operating such a massive place, tech isn't as synonymous with the big apple as Seoul, Taipei, or San Francisco are.
Mayor Eric Adams aims to amend these realities by enhancing the city's overall foothold in blockchain. Elected in January of this year, Adams' in-office vow is to ensure New York maintains an enhanced grip on technological innovation, whether that be through actual practice or via adopting new means of everyday constraints.
For him, it's utilizing Bitcoin as not only an investment strategy but a marketing campaign. Mayor Adams has elected to accept payment, a mayoral salary of nearly $258,000, in Bitcoin. This is only one small aspect behind an ever-grander campaign to raise awareness surrounding both NYC and technology.
Despite the nosediving of Bitcoin over the past several months, dropping by nearly 50% since November 2021 and currently averaging a value of around $35,000, Mayor Adams isn't subdued. In an interview with CNN's Dana Bash, Adams likens the play to any average investment, highlighting how the deal isn't specified on any short-term numbers but is signaling a deviation of tradition and promoting big tech in the big apple.
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"When you're a long-term investor, you don't keep your eyes on your portfolio. You buy low and hopefully you get the recovery you desire. The purpose of the Bitcoin is to send a message that New York City is open to technology. You're going to see a large amount of new technology in the city of New York, and encourage our young people to be engaged in these new emerging markets."
His pledge has already ignited those interested in crypto. Politico notes that Apex Crypto, a PEAK6 crypto platform, relayed endeavors to, over the next two years, triple the workforce of its New York City branch after Mayor Adams' paycheck announcement. The downside Adams faces is roadblocks erected by Democrats, who see the digital token space as an aggressor to their fight to patrol climate change.
Adams' note on "young people" likewise stems from his commitment to energizing NYC through important tech plays, like implementing blockchain into schools for a more robust and enhanced system. In his view, Adams sees the tech as a way for the younger generation to garner faster learning capabilities and more streamlined avenues for innovation.
Although Mayor Adams has yet to delve any further on this specific matter, his acceptance of Bitcoin for his first several paychecks is proof enough that he and the city of New York are open to volatile technological concepts. It's important to set a precedent, especially in a world that is steadfastly evolving toward a more ingrained tech ecosystem, with NFTs, metaverse, and drones now slowly taking over.
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This article is owned by Tech Times
Written by Ryan Epps
