After the mayors of New York and Miami announced that they will receive their salaries in Bitcoin, the famous Bitcoin critic Peter Schiff expressed his thoughts on the subject and said that there was nothing but politics behind this situation.
Schiff said this move by mayors is not to support technology or Bitcoin, but rather to capitalize on the growing popularity of the cryptocurrency industry. According to him, politicians are sucking on cryptocurrency whales and wanting to take advantage of cryptocurrency companies.
Schiff also criticized Bitcoin’s performance, stating that Bitcoin will do nothing but pull money out of people’s pockets.
The mayors have pledged to create perfect conditions for cryptocurrency-related companies located in their cities. A New York or Miami-based company will have to partially pay taxes to the city government.