Eric Adams, the newly elected mayor of New York, says he wants his first three paychecks in the role to be denominated in Bitcoin.

Adams, Democrat and retired captain in the new York Police Department, will become New York’s second black mayor when he takes office in January.

Responding to Miami Mayor Francis Suarez who said he was going to take his next paycheck BitcoinMr. Adams replied, “In New York we’re always going big, so I’m going to take my first THREE Bitcoin paychecks when I’m mayor.

“NYC is going to be the center of the cryptocurrency industry and other fast growing innovative industries! Wait ! Added Mr. Adams.

Mr Adams says he wants to make New York the center of the cryptocurrency industry

It follows a campaign in which Mr. Adams referred to the Miami mayor’s backing for cryptocurrency and vowed that New York would become “the center of Bitcoin” and “the center of all technology.”

“Miami, you had your run,” he said.

However, the move could put Mr. Adams on a collision course with New York Attorney General Letitia James, who recently launched a crackdown on unregistered cryptocurrency companies.

Last week Ms James announced that she would run for New York governor midterm next year.

Bitcoin is currently trading at around $ 61,500 (£ 45,800) per token, although the notoriously volatile currency has only been worth $ 33,000 (£ 24,500) per token in recent months.

Figures released earlier this year show 2.3 million UK adults held cryptoassets including Bitcoin, up 400,000 from the previous year, despite warnings about the risks involved.

In the UK, the Financial Conduct Authority (FCA) has said that if consumers invest in unregulated products, they should be prepared to lose all of their money.