Eric Adam’s who was just elected mayor of NYC said he wants to be paid in Bitcoin for his first few paychecks.
Here’s why that’s a good idea.
The Bitcoin Conference in Miami in 2021 had 12,000 people attend the conference.
The average one week trip to Miami, not including flights is $1,682.
That’d mean a weekend should with lodging, food and things like Uber run someone $481.
This was a weekend in June, so expect the real average to probably be higher, but let’s run with $481 as the number.
That’s 5.7 million dollars in revenue for Miami, which happened over one weekend.
Which I believe both the attendance numbers and numbers being spent are extremely conservative, but even at that, that’s one weekend which filled up thousands of hotel rooms, tens of thousands of restaurant orders and every Uber/Lyft driver was busy.
And that’s just one event, that’s not investments.
Crypto has for better or worse had 17 billion dollars of venture capital funding put into it for 2021 and that was the number reported in July, so it’ll probably break 30 billion this year.
I’m not really sold on these companies being valuable long term, but companies don’t have to finish where they start.
Xerox made photo paper before making printers.
Colgate sold candles before toothpaste.
Nintendo was in the sex motel business before the video game business.
Companies can modify what they do with market changes, so a business in crypto with 50 million raised, can find another business.
From events to insane VC funding, crypto does have an economic impact and cities can get jobs created branding around it.
The mayor of Miami, Francis Suarez, has attended tons of crypto events as mayor. Many being for projects which fell apart not even six months later, but he went, put on a smile and companies located there.
Bill Deblasio as mayor of NYC didn’t do enough to put on a smile for groups such as Amazon to locate here and I believe that branding cost some jobs.
Eric Adam’s doing just a few really simple things to market NYC as innovative to crypto and tech, can help swing some jobs away from Miami.
It’s kind of silly, but people go for those who endorse pet them.