Dear Mayor Adams,
I would like to start by congratulating you on your election as mayor of New York City. As you are a lifelong public servant to the city, I can imagine how this opportunity to serve the community feels.
Eric Adams was just sworn in as the new mayor of New York City. If you are a fan of Bitcoin, you likely heard that he is an ally. Following Miami Mayor Francis Suarez, who has taken a full paycheck in bitcoin, Mayor Adams pledged to take his first three paychecks in bitcoin. Great news for New York crypto enthusiasts, right? Well, New York’s red tape prevents him from accepting that salary directly in bitcoin. Sadly, more than anything, his good intention showcases the Empire State’s many regressive policies towards cryptocurrency.
The most well-known payment platform for taking your salary in bitcoin is Strike. Strike, created by Jack Mallers, is used by some of the world’s most prominent figures, like the National Football League player Russell Okung, as their trusted way to accept their salary in bitcoin. Beyond this, Strike is powering payments for citizens in El Salvador, the first nation to legalize bitcoin as tender. So, I assumed that Mayor Adams would use Strike as his way to accept his bitcoin salary. Well, my assumption was incorrect as Strike is unavailable in New York! So, how will Mayor Eric Adams accept his salary in bitcoin? As Kevin Dugan reported for New York Magazine a spokesman for the mayor stated, “He will take his paycheck in dollars and then convert it to bitcoin through an exchange.”
Big sigh. Not only is converting his salary to bitcoin rather than getting it paid directly more time consuming, but it also means that he is paying increased sets of transaction fees. If he uses Coinbase, the most prominent exchange in America, that could mean him taking a 2% hit on his salary just in commission fees. What citizen, let alone politician, would want to automatically take less of their money in than they earned?
I…
