Many people who make payments in the bitcoin cryptocurrency live in the cryptocurrency’s environment. El Salvador is a significant example of the crypto environment because it is legal in this city, and many people do most of their transactions in this currency. No seller or vendor can say no to the buyer for accepting bitcoin as payment because it is the rule. But in some nations, bitcoin is restricted at a high level as no users or vendors can show interest in these crypto coins. If you are interested in bitcoin trading, check what happens to crypto when an investor dies. Let’s see.
About the Eric Adam
Eric Adam is a retired police officer and famous politician of New York City to serves the area of 110th. He was in the service of the police department and retired as a captain after twenty years of service and now serving New York as a famous politician.
Adam’s Announcement
Adam announced in his statement that he would get his first three salary checks in cryptocurrency, which are bitcoin and ethereum. Since he is a famous politician in his city, he has to inform the citizens of New York City about the usage of bitcoin and other crypto coins. The announcement declares that Adam wants to make the New city a central system of bitcoin and another cryptocurrency because New York is already known as the principal city of the world. El Salvador’s president encourages their citizens to use crypto by giving them enough rewards for using it so he can make the city full of crypto users. The El Salvord’s citizens use the crypto application for any transaction according to the condition so the city can track all the trades and records of the crypto users.
It is clear from the statement that Adam wants to make New York City a cryptocurrency hub where all the citizens will receive salaries in bitcoin. And other cryptocurrencies do all the transactions using this currency instead of home currency, i.e., dollars.
Reason for this announcement
The president of El Salvador made bitcoin legal in his country so there would be more innovations and economic growth because he knew the potential of this gold coin. So Adam is also taking this initiative to encourage the citizen to adopt bitcoin crypto for the following reasons given below:
- Economic Development:- Bitcoin is growing with rapid change, and the price of these virtual coins gets high and falls because of many factors. But suppose we see the previous data on this virtual currency. In that case, we get to the point that this currency is a declaration currency which means the purchasing power will rise in the future instead of declining. The country’s growth will increase when the purchasing power pumps, which is possible only with this virtual currency. If people start using bitcoin for their daily transactions under the government’s regulations, they have to pay taxes to the government and can use the tax for the development purpose.
- Innovation:- Many big companies are coming into existence and started accepting bitcoin to exchange their products and services. It will also encourage the people to innovate, which will also help to increase the GDP growth.
- International Business:- Since it will encourage the people to use the bitcoin for doing all the transactions, whether for personal use or business use, the popularity of the city, as well as the growth, will get high. It will encourage the big companies in New York to do business with international clients and get payment in this virtual cryptocurrency. Suppose New York’s companies export their products and services outside the country and get compensation in digital currency (bitcoin). But when they received the bitcoin into their company wallet, the value of this currency was low. After some period, the deal started pumping, which means they earned profit from exporting goods and services, and the value increased. So they are taking more and more money into the city that will grow the town abundantly.
Conclusion
Adam is not accepting salary in bitcoin and ethereum as a fund but to encourage the people to use this currency so that the city can become highly developed and the central hub of cryptocurrency in the world.