Bitcoin Salaries: Mayors in New York and Miami remain optimistic despite the market crash

When cryptocurrency prices skyrocketed last year, some athletes and politicians chose to receive their salaries in Bitcoin. But a few months later, prices went down and so did their salaries.

In 2021, the mayors of New York and Miami decided to receive their salaries in crypto. Eric Adams, the mayor of New York, said he would receive his first three salaries in Bitcoin and Ethereum, using Coinbase to convert dollars into cryptocurrency.

His first salary was $ 9,925 in January, but after the price drops of Bitcoin (20%) and Ethereum (29%), he is now worth $ 7,416 (assuming he receives 50% in ETH and 50% in BTC ). Mr. Adams, however, still seems optimistic about Bitcoin. According to him, the fall of the stock market this year shows that cryptocurrencies are not the only class of risky assets.

“People who say the price of Bitcoin has gone down … Well, are there stocks that have never gone down?” asked Mr. Adams in a recent interview with the Financial Times. His Miami counterpart Francis Suarez is as optimistic as he is.

During the World Economic Forum held on May 24, 2022 in Davos, Mr. Suarez said he still receives his salaries in Bitcoin. He noted, however, that his government salary is not his only source of income, which is why he decided to receive his salary in crypto.

“I note, for information, that this is not my only salary,” he said. “The decision would be different for a person whose salary is the main source of income.” It should be noted that Mr. Suárez, 44, is a lawyer by profession.

Attracting Cryptocurrency Investments: A Priority for Mayors in Miami and New York

Mr. Adams and Mr. Suarez does not hide his desire to attract investors and cryptographic talent to their respective cities. “Bitcoin has come to stay, and most of the investment is here in New York,” Adams said.

For his part, Mr. Suarez encourages cryptocurrencies to come and settle in South Florida, and hopes to make Miami a tax-free city with MiamiCoin, a cryptocurrency that can be mined on any personal computer. During his speech at the Davos Forum, the mayor stressed that the collapse of the Earth (LUNA) has not affected in any way his optimism about the future of crypto in Miami.

Athletes are also beginning to take an interest in cryptocurrencies. Recently, NFL stars Aaron Rogers and Landon Cassill agreed to receive at least a portion of their salaries in crypto. Jacksonville Jaguars quarterback Trevor Lawrence has decided to cash in his $ 22.6 million cryptocurrency bond. With the current collapse of the crypto market, that amount would equate to $ 9.8 million.

Paying salaries in Bitcoin would be “stupid” according to a hiring specialist

Following the recent collapse of the crypto market, several celebrities have been criticized for supporting digital assets. Mark Freebairn, head of CFO recruitment at Odgers Berndtson in London, said that when cryptography was at its peak, it made sense to pay salaries in Bitcoin.

“Honestly, if we had this conversation two years ago, I would have said that this is a brilliant idea. Why don’t you want your salary to be paid in crypto? Now I would say it’s stupid.”

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