New York City Aims to Dethrone Global Crypto Hubs as Adams Declares ’Crypto Capital’ Ambition

Mayor Eric Adams just threw down the gauntlet at the Crypto Summit—New York wants the crown. No more playing second fiddle to Zug or Singapore.

The pitch? A business-friendly regulatory sandbox, tax incentives for blockchain firms, and a pledge to modernize the city’s financial infrastructure. Wall Street bankers are already rolling their eyes.

But here’s the kicker: Adams wants city workers to take paychecks in Bitcoin. Because nothing says ’progressive policy’ like volatile salary deposits during a bear market.

Will it work? Maybe. The real question is whether crypto firms will stomach NYC’s rent prices after that last bull run evaporated.

Adams’ Crypto Council to Transform NYC with Blockchain

Adams, who made headlines in 2022 by accepting his first three paychecks in Bitcoin and Ethereum, stressed that this isn’t about chasing fads.

“We want to use the technology of tomorrow to better serve New Yorkers today,” he declared. 

NYC CTO Matthew Fraser did not hold back. He stresses on leveraging blockchain to secure crucial records like birth and death certificates, promising improved efficiency and security for public services. 

The council that includes crypto experts, will meet regularly to formulate policy, with details on its chair and recommendations expected soon.

Industry Titans Join New York’s Vision

The summit attracted industry tycoons, including family offices, technology startups, and fintech companies. 

Richard Hecker of Traction and Scale highlighted the presence of unicorn startups, while Andrew Durgee, co-CEO of Republic, announced his firm’s commitment to New York despite regulatory challenges. 

Adams regards himself as Star Trek’s Captain Kirk. He reached out to collaborators to join his mission, confessing the crypto industry’s past struggles. “You were harassed, you were demonized,” he told attendees, praising their solidarity and predicting a bright future.

In a Nutshell

With a strong crypto advocacy, Adams has led NYC in a race to become the crypto capital of the world.

Trump’s recent crypto-friendly policies further give wings to Adams’s dream initiative. By signaling that New York is “open for business,” Adams is positioning the city as a beacon for blockchain innovation, ready to lead the charge in the digital age.