New York Takes On Miami; Square’s Bitcoin Revenue Stumbles

New York is challenging Miami to become the U.S.’s crypto capital. The city’s newly elected mayor, Eric Adams, tweeted Thursday that he’s going to take his first three paychecks in bitcoin, outdoing Miami Mayor Francis Suarez, who tweeted Tuesday that he’s going to take his next salary payment in the cryptocurrency. 

Adams added that New York was going to be “the center of the cryptocurrency industry,” a position that Miami has tried to take under Suarez’s leadership. The Florida hub hosted the Bitcoin 2021 conference in June and earns revenue from sales of a MiamiCoin cryptocurrency. The home of the Miami Heat basketball team was renamed FTX Arena in June after the cryptocurrency exchange signed a $135 million sponsorship deal with the city. Suarez is even working on a plan to pay Miami city workers in bitcoin.