Eric Adams, Francis Suarez two American mayors will take salary in Bitcoin

New York City's new mayor-elect Eric Adams said he will take his first three salaries in Bitcoin. Miami's mayor Francis Suarez also said his next paycheck will be 100 per cent in Bitcoin. While Miami has its own crypto, NYC may get a system for crypto-based salaries soon.

How do you collect your paycheck? In cash? Or through your bank account? Or maybe through barter in rare cases? Never mind because at least two American mayors have announced a new way to get their salaries. New York City's new mayor-elect Eric Adams and Miami mayor Francis Suarez said that they will take their paychecks in Bitcoin. Although it is not clear if both cities have the ability to pay salaries in cryptocurrency.

Bitcoin and some other cryptocurrencies are legal in the US, El Salvador being the first country to adopt it as a legal tender. Their governments' inclination towards making Bitcoin more relevant is an assurance to the investors in the cryptocurrency, which is very volatile in nature. However, environmentalists have raised concerns over the increased adoption as it takes a colossal amount of electricity for cryptocurrency mining. Some cryptocurrencies will eventually move to become environmentally sustainable, but that may take some time. India has not legalised Bitcoin or other cryptocurrencies yet.