While countries like China and India aim their focus on the banning or strict regulation of cryptocurrency, major US cities Miami and New York look to further embrace their already warm acceptance of the industry.
The outward admiration of cryptocurrency was no doubt an important aspect of both Miami mayor Francis Suarez and New York mayor Eric Adams re-election and election in Adams’ case.
The crypto industry had only become more popular in recent years with not only the everyday person investing but big players in the financial and entertainment world wanting to collaborate with those in the industry.
Exchanges such as Coinbase, FTX and, Crypto.com, had made massive deals with the likes of Adidas, Formula One and the UFC.
FTX, a crypto derivative company, signed a $135 million 19-year deal naming rights deal officially renaming the home of the Miami Heat, the FTX Arena.
In a recent interview with Forkast.news, Suarez spoke about the influence of firms like FTX and what their business is helping to build in Miami.
“We’re watching established players in the crypto industry like FTX, eToro and blockchain.com lay anchor here, we’re watching start-up activity explode here,” he said.
“It’s all adding up to a resilient, diversified economy that not only delivers high-quality, high-paying jobs for our residents but also one that can withstand the economic shocks of the future.”
Leading the way
Both Suarez and Adams revealed that they would take their paychecks in Bitcoin, with the latter promising to receive Bitcoin in his first three paychecks when he was officially inaugurated as mayor on January 1 2022.
While Suarez said he believes an entire industry is maturing, Adams looks set to create the next wave of the industry by introducing the topic of cryptocurrency into the school curriculum.
“We must open our schools to teach the technology, to teach this new way of thinking,” he said.
Recognising the influence of both mayors, CityCoins – a project that helps generate a revenue stream for local governments and brings emerging technology to citizens – launched both MiamiCoin and NYCCoin in 2021.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.