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Crypto Mayors: A new aspect in the industry of cryptocurrencies

  • The emerging adoption of Bitcoin and other cryptocurrencies is increasing as the Mayors of small cities aren’t hesitating in deploying the virtual currencies and technologies related to them.
  • She would like to cut down the middlemen as she’s not a fan of banks, said Hillary Schieve, the Mayor of Reno.
  • But the skepticism towards the virtual currency remains to be a hindrance in the plans of these individuals. 

Cryptocurrencies have been witnessing quite significant changes lately, especially during the last year. But if we talk about its adoption in small towns and regions, there are mayors of these towns who are quite favorable of the currencies. 

Mayors accepting Cryptocurrency with open arms:

A lot of people in America came across the world of cryptocurrency during the Pandemic. One of them was Scott Conger, the Mayor of Jackson, Tennessee. With the starting of his fourth year in office, he has gotten into a new fascinating cause which is cryptocurrencies. And his plans have turned him into a prominent name in the world of cryptocurrencies.

He wants to make Jackson, the southeastern tech center. He has vowed to provide the city employees with an option to convert their paychecks into Bitcoin. And has also highlighted the plans of installing a digital mining setup in the deserted area of City Hall. 

According to Mr. Conger, Bitcoin is a significant financial equalizer. And that it can be used against inflation and can also bridge the wealth gap. 

Seems like the continuously emerging popularity has given rise to a new political breed, called the crypto mayors. Because now Mayors of small towns have started to adopt cryptocurrency and incorporate them in their municipal government and experiment with new technologies like NFTs for raising money for public projects.

For instance, New York’s new mayor Eric Adams accepted his very first paycheck in Bitcoin and Ether. Miami’s Mayor Francis Suarez is also in favor of virtual currencies. 

Though cryptocurrencies are highly volatile and have witnessed a recent downfall in their prices. This growth of utilizing them signifies their increasing mainstream adoption. There’s a possibility that the utilization of blockchain technology may create new revenue flow for the cities and might reshape some governmental functions. 

According to a business professor, Joseph Grundfest, at Stanford University, these crypto mayors are basically wanting to attract high-income citizens who pay taxes and impose low costs on the municipality. 

Mr. Conger is often seen as a guest appearing on podcasts related to cryptocurrencies where he is addressed as a leader in the army of Satoshi. Which is a reference to the anonymous founder of Bitcoin Satoshi Nakamoto. Mr. Conger is almost on the way to establishing a system of Bitcoin Paychecks for the city employees. He is even in the process of setting up a mining setup but is facing obstacles due to the existing laws. 

The State law actually limits the asset types to invest in for the city, in order to protect the residents from volatility. But the mayor is continuously working along with other officials on new legislations to list Bitcoin in the permissible investments listicle. 

Mr. Suarez has also emerged as the crypto-bro-in-chief of mayors, he has positioned Miami as the crypto capital and also supports the MiamiCoin. MiamiCoin is a crypto token that can be bought and mined by anyone. In fact, Mr. Suarez now styles as a Crypto Diplomat.

Another Mayor on the list is Hillary Schieve, who is currently in her second term as the Mayor of Reno. She announced her plans to convert a whale sculpture in downtown Reno into an NFT. She commented on her crypto thoughts, that she would like to cut down the middlemen and that she’s not a great fan of banks. 

Mr. Conger highlighted his thoughts about how he wants his children to settle down in Jackson after college and he’s trying to make the city worth it. Although Mr. Conger has always been connected to Jackson as his forefathers served as the Mayor too, the residents are still skeptical about his crypto ambitions. He’s said to keep his Bitcoin wallet in a decorative box with a cover of Jane Austen’s book.  

Small cities and these crypto mayors getting indulged in the world of cryptocurrencies does account for the significant adoption of cryptocurrencies worldwide. But things have different aspects too. Where there are entities who believe crypto is here for the long run and are continuously deploying the technologies in some way or the other. There are countries and regions which are still skeptical about its adoption. But it seems like crypto has entered into the picture for some regions and they have warmly adopted them.

   

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