Scott Conger, Mayor of Jackson, Tennessee is pressing his city to follow in the footsteps of Florida and utilize cryptocurrencies to the maximum extent.
Jackson could turn to bitcoin mining
Mayor Conger has been in full crypto Twitter mode over the past few days. Notably, he is outlining what the city could do as it marks its entry into the crypto sphere.The Mayor tweeted that "we are exploring payroll conversion for our employees." He added that the city could turn to bitcoin mining and add the cryptocurrency to its balance sheet.
Jackson is not the first city or region to consider venturing into bitcoin mining. Cryptonary reported in March that Khyber Pakhtunkhwa (KP), a province in Pakistan, was planning to build two mining farms to capitalize on the cryptocurrency bull market.
As well, earlier this year, Miami Mayor Francis Suarez proposed that the city could pay its employees in crypto and invest a portion of its funds in bitcoin.
Bitcoin's recent bullish performance has led some cities to consider converting a portion of their treasury into bitcoin. This is the same route taken by publicly traded companies such as Tesla and MicroStrategy. For example, these two businesses have invested billions in the leading digital asset.
Jackson is ready to be a crypto hub
Mayor Monger's ambition is rooted in his belief that Jackson has the necessary infrastructure and foundation to be a tech leader.The Mayor tweeted that "Jackson is in a prime position to lead the way in cryptocurrency adoption."
Conger explained that local governments will play a crucial role in spearheading the adoption of bitcoin. Admittedly, this will usher in a new industrial revolution with sustainable economies that could potentially close the wealth gap.
Thus, the mayor believes that the wealth gap can be reduced by "utilizing dollar-cost averaging in appreciating assets like cryptocurrency," he added.
Mayor Conger's laser eyes
Conger seems to be serious about turning the city into a major crypto hub. The Mayor has joined the "bitcoin laser eyes brigade" on Twitter. These crypto enthusiasts have changed their profile pictures to show laser eyes in support of bitcoin reaching a price target of $100,000.Bitcoin has set several highs since the start of the year. The digital asset recently reached nearly $65,000 when U.S. cryptocurrency exchange Coinbase debuted on the Nasdaq stock market.
That said, at the time of writing, bitcoin fell more than 9% in the last 24 hours as it traded below $50,000 for the first time since early last month.
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