Bitcoin (BTC), the pioneer cryptocurrency, has been on a turbulent ride as 2021 draws to a close. The market’s volatility saw Bitcoin hit all-time highs, only to fall to lower prices, including a 50% plunge that rocked the market. Bitcoin (BTC) is back stronger than ever and has even gone above its all-time high.
Bitcoin’s market volatility aside, some politicians seem to have realized Bitcoin’s potential. A wave of mayors from the United States are expressing bullish sentiments.
There is an apparent growing trend among politicians, especially in New York City, to support Bitcoin adoption.
Here’s a list of American mayors who are bullish on the most popular cryptocurrency.
Eric Adams, New York City Mayor-elect
All over the United States, mayors have been advocating for digital assets adoption, including Eric Adams, New York City’s newly elected Mayor. Adams has promised that he will accept his first three paychecks in Bitcoin. Adams’ move was in response two days earlier to Miami’s mayor announcing that he would accept all of his next paycheck in Bitcoin.
Adams, an ex-police officer who is known for his toughness on crime, stated in a tweet that New Yorkers always go big so he’s going to take his first THREE Bitcoin paychecks.
Adam tweeted further, “NYC will be the centre of the cryptocurrency industry as well as other fast-growing and innovative industries.”
Bloomberg was also addressed by the newly elected mayor, who stated that he would “look at what is preventing the growth in Bitcoin and cryptocurrency within our city.”
Adams, the Mayor-elect, has been a Bitcoin bull since quite a while. He previously promised to make New York City the capital of Bitcoin. Adams also suggested that schools include cryptocurrency and blockchain technology in their curriculum.
Francis Suarez, Miami Mayor
Adams and Miami Mayor Francis Suarez have been battling it out over who is the larger Bitcoin bull since his election. Suarez was reelected after serving as Miami’s Mayor since 2017. He also tweeted that he would be taking his next paycheck in Bitcoin.
Suarez stated that Miami plans to issue digital wallets as part of its plan to be the crypto capital of America. These wallets will be used to distribute Bitcoin yields from its crypto stash.
Although some reports claim that the U.S. prohibits certain states holding volatile assets, Miami’s mayor insists that he wants to run the city tax-free. Suarez previously stated that he would like to pay city employees with crypto.
Cool Valley, Missouri Mayor Jayson Stewart
As a response to growing interest in cryptocurrencies, Jayson Stewart, the mayor of Cool Valley, Missouri announced that he would give each resident $1,000 in Bitcoin.
Mayor Stewart is an environmentalist and believes Bitcoin can help the town improve its fortunes through the establishment Bitcoin mining facilities and related activities. Stewart believes that Bitcoin education is the key to increasing wealth in the region. He hopes to see a Bitcoin-friendly Bank in the city one day.
Stewart stated that “a lot of it’s about fixing the mistakes of the past financial systems.” We didn’t have the same amazing technology today as we do in the past when it came to our financial system or storing our value.
Stewart is similar to Miami’s mayor. He plans to give out Bitcoin to Cool Valley residents, using a plan funded by private donors. This will help increase adoption and use of the digital asset.
Since 2015, the Missouri mayor has been a Bitcoin investor. He worked for a startup that provided high-net-worth clients with a salary in Bitcoin.
Jackson, Tennessee Mayor Scott Conger
The city of Jackson in Tennessee is one of many cities that are moving closer to Bitcoin adoption. Scott Conger, the mayor of Jackson, Tennessee, believes that Bitcoin is the only way to end the U.S. Dollar’s devaluation and stop the inflation that is threatening the global economy, has announced that a blockchain task team will be studying potential ways of enabling property taxes payments in the city via Bitcoin.
Conger tweeted in mid-July: “Why accept inflation?” Why can’t we demand more of our federal government? 6.3% in two years. In my lifetime, 172.8%. Each year, our dollar is worth less. There is no recovery. This is the only solution.. #Bitcoin
Conger expressed similar sentiments to other mayors and said he is open to exploring options that would allow city employees to receive their paychecks as cryptocurrency. Conger also intends to add Bitcoin to the city’s financial balance sheet and adopt Bitcoin mining operations. Conger also mentioned Ether (Ether), Litecoin, (LTC) as possible payment options within the city’s financial operations.
Jane Castor, Tampa Mayor
Jane Castor, Tampa Mayor, has joined the ranks of other mayors across the U.S. who support Bitcoin. Castor followed Suarez’s lead and announced that he would be receiving a Bitcoin paycheck just days later.
Castor made the announcement at the Florida Bitcoin and Blockchain Summit on Day 2 in Tampa.
We are proud to host the Florida #Bitcoin & #Blockchain Summit in @CityofTampa. Here, we encourage innovation and embrace new technology. pic.twitter.com/3ig7L5u1bd
— Jane Castor (@JaneCastor) November 5, 2021
Increasing bullish sentiments
Other than American mayors who embrace Bitcoin and blockchain technology, leaders across the country and around the world are beginning to see the benefits of cryptocurrency and Bitcoin. U.S. U.S. Representatives Tom Emmer and Darren Soto wrote a letter to Securities and Exchange Commission asking for approval of Bitcoin ETFs in America. This is something many observers believe could establish a bullish trend in Bitcoin and legitimize cryptocurrencies.
Even traditional financial institutions, which were initially skeptical about Bitcoin, are now admitting that blockchain technology and cryptocurrencies are poised to revolutionize the finance industry. Bank of America’s chief operating officer recently stated that blockchain and cryptocurrency could help improve bank operations.
Commonwealth Bank, Australia’s largest bank, has announced plans to incorporate Bitcoin into its services. There is a lot of bullish news in the crypto space. Bitcoin seems primed to gain momentum.