Mayor Scott Conger explores the possibility of mining Bitcoin to add it to the balance sheet. The official believes that cryptocurrencies are a “new industrial revolution” that will help improve people’s economic status.
In recent days, Scott Conger, mayor of the city of Jackson, Tennessee, talked about the use of Bitcoin. He stated that he is considering the idea of paying the salary of city council workers with the cryptocurrency.
On his Twitter account, the official wrote that they “are exploring payroll conversions for [their] employees.”
State workers from the city of Jackson currently have the opportunity for deferred compensation for their retirement in Bitcoin. This is possible thanks to the potential for wealth protection that the cryptocurrency provides compared to more traditional forms of savings.
“We need to expand our options so that our employees can use dollar-cost averaging (DCA) to increase and improve their investment portfolios,” Corgen said.
Corgen considers that the city government will lead the adoption of Bitcoin in the country. He even believes that cryptocurrencies are a “new industrial revolution” that will close the gap between the rich and the poor.
The State Could Mine Bitcoin in Jackson
The mayor feels so attracted to Bitcoin and its usefulness in paying salaries that his administration is exploring the possibility of mining it. Litecoin and Ethereum’s Ether could accompany Bitcoin on the city council’s balance sheets.
Therefore, he is contemplating financing projects for the community with digital assets that come from cryptocurrency mining. Besides, he said that they “could also benefit from [their] local energy authority by extracting during off-peak hours. That will allow planning and regulating energy production,” the official said.
Most politicians of the United States have shown their dislike for the cryptocurrency that Satoshi Nakamoto created in 2009. In this regard, Corgen said that he hopes that lawmakers will change their position on Bitcoin.
“We can stick to the way we have always done things or we can drive innovation. We have to be willing to embrace the future and create a vision for how to get there,” the mayor added.
Bitcoin Is the Bridge That Will Connect Tennessee and Miami
The official noted that he has had conversations about Bitcoin with various people. He highlighted that they made him more interested in the potential of cryptocurrencies.
Among the people that Conger has talked to is Francis Suárez, mayor of the city of Miami. People know him for his initiatives and public policy impulses that include Bitcoin.
In early April, Conger said that he was receiving advice about cryptocurrencies from Francis Suárez. He added that he would form a task force on blockchain to explore how to better position the city of Jackson in the future.
At the end of 2020, Suárez stated that he was considering putting 1% of the treasury of Miami Mayor’s Office in Bitcoin. Other officials of the city have submitted bills for the authorities to accept cryptocurrencies as a form of tax payment, rates, and services.
By Willmen Blanco