New York appears to be seriously considering re-entering the race and stealing a piece of the pie from Miami.
New York Mayor-elect Eric Adams announced on Twitter that he, like Miami Mayor Francis Suarez, will accept his salary in Bitcoin. In a demonstration of the simmering battle for a piece of the Bitcoin/Crypto pie, he stated that he will accept not one (!) but three. Because the “Big Apple” is the most thriving economic hub in the United States, he also stated that he would endeavor to entice crypto-businesses and industry to return to the city.
The race between Miami and New York to attract the best in the crypto business is not new. Blockchain.com is a prominent example of this race, having relocated its headquarters from New York to Miami, citing the latter as providing better chances for tech investments and innovation.
Furthermore, New York will follow in the footsteps of Miami by creating its own City Coin. Following the success of MiamiCoin, the plan is to establish a New York City currency. CityCoins is a grassroots project that creates Crypto coins based on the Stacks Protocol of Bitcoin. CityCoins initiatives, in my opinion, will become even more popular in the future as more cities release their coins. People will buy these tokens as an investment opportunity or to express their support for and allegiance to their cities.
The contest between cities and mayors in the United States appears to be intensifying as to who would position themselves better in drawing more investments and making their environments more crypto friendly. Consider it the internet in the late 1990s. Now, cities, banks, and investors are vying for the lead in a new financial and technology paradigm, led by Bitcoin, that will influence the next several decades.