The Rise of the Crypto Mayors

This new political breed accepts paychecks in Bitcoin. The mayors also want to use buzzy new tech like NFTs to raise money for public projects. From a report: The ballooning popularity of Bitcoin and other digital currencies has given rise to a strange new political breed: the crypto mayor. Eric Adams, New York's new mayor, accepted his first paycheck in Bitcoin and another cryptocurrency, Ether. Francis Suarez, Miami's mayor, headlines crypto conferences. Now even mayors of smaller towns are trying to incorporate crypto into municipal government, courting start-ups and experimenting with buzzy new technologies like nonfungible tokens, or NFTs, to raise money for public projects. Their growing ranks reflect the increasing mainstream acceptance of digital currencies, which are highly volatile and have fallen in value in recent days. The mayors' embrace of crypto is also a recognition that its underlying blockchain technology -- essentially a distributed ledger system -- may create new revenue streams for cities and reshape some basic functions of local government. "Mayors rationally want to attract high-income citizens who pay their taxes and impose few costs on the municipality," said Joseph Grundfest, a business professor at Stanford. "Crypto geeks fit this bill perfectly." But as with many ambitious crypto projects, it's unclear whether these local initiatives will ultimately amount to much. So far, most are either largely symbolic or largely theoretical. And the mayors' aims are partly political: Crypto boosterism has a useful bipartisan appeal, garnering popularity among both antigovernment conservatives and socially liberal tech moguls. "You can do these things because you want to be associated with dudes with AR-15s, or you want to be associated with Meta," said Finn Brunton, a technology studies professor at the University of California, Davis, who wrote a 2019 book about the history of crypto. "A lot of it is hype and hot air."

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