“The business world is back through the front door to New York City Hall”

Chronic. This was one of the first statements from New York City Mayor-elect, former police officer Eric Adams: “When I become mayor [le 1er janvier 2022], I will get my first THREE paydays in bitcoins, he trumpeted on November 4 on Twitter. New York is going to be the center of cryptocurrencies and other innovative high growth industries! Wait and see! “ Let it be allowed to temper for a moment the enthusiasm of the Democratic mayor: he will have to wait three months to receive a first single bitcoin – this is worth around 60,000 dollars (52,000 euros) while the annual salary of the mayor of the city ​​is around $ 260,000.

Beyond this quibbling, the signal is decisive: after the frankly anti-business years of Mayor Bill de Blasio, who let go in the open countryside when the firm wanted to set up its headquarters in a district of Queens in 2019, business is making a comeback by the main door to New York City Hall and will rediscover the spirit of conquest that prevailed under Michael Bloomberg, mayor from 2002 to 2013.

After the financial crisis of 2008, the billionaire, inventor of the electronic terminals which equip the trading rooms, realized that his city was too dependent on the mono-industry of finance and that it was necessary to urgently initiate diversification. It was done with tech: Facebook, Google, Apple, Amazon, the footprint of the giants of the Net is increasingly strong at the gates of Wall Street. The little computer geniuses have settled in vintage warehouses in Brooklyn to launch their start-ups around ethereum and other cryptos: the city is benefiting from the ebb of San Francisco, too expensive and so politically correct that a part of young people now prefer New York. Finally, banks are divided on the future of bitcoin, but no one doubts that the new frontier lies in fintech: some 636 start-ups are listed in the American financial capital, especially in Brooklyn, of which Eric Adams was the mayor of ‘arrondissement. “This is the Empire State, and we are going to build empires”, Mr. Adams promised of New York.

Miami competition

A shock is essential, while New York still had 8.7% fewer jobs in August than at the start of the pandemic. The renaissance requires a return to security, which was the main theme of Mr. Adams’ campaign, after a – slight but politically ultra-sensitive – degradation since the crisis due to Covid-19.

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