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Eric Adams, the newly elected mayor of New York City, told CNN's "State of the Union" on Sunday that his plan to receive his first several paychecks in bitcoin is intended to encourage New York to become a "center of innovation."

Catch up quick: Last week, Adams tweeted that he would take his first three paychecks as mayor in the form of bitcoin, adding that New York City "is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries!"

The big picture: Adams later told reporters that exploring the option of bitcoin payments could lead to giving New Yorkers "a choice of how they want to receive their paychecks," according to Bloomberg.

  • He added that some in the blockchain community see the city as overly bureaucratic, but that he wants to make it a hub for new technologies, per Bloomberg.

What they're saying: "We're going to look at it and we're going to tread carefully. We're going to get it right," Adams said of his intent to explore using bitcoin for paychecks.

  • "This is the center of innovation, self-driving cars, drone development, cybersecurity, life sciences. And so when I talked about blockchain and bitcoins, young people on the street stopped and asked me, what is that?" he added.
  • "I want to make sure that this city becomes a center of innovation, no matter what that innovation is."

Adams was sanguine when asked to respond to criticism of his decision, noting that he is using his personal funds and that "volatility is part of some of the investments that we make."

Go deeper

First look: How cities will spend COVID rescue money

Illustration: Sarah Grillo/Axios

U.S. cities are planning to spend the money allotted to them under the American Rescue Plan — the COVID-19 stimulus package enacted in March — primarily on housing and local economic support, according to a new analysis.

Why it matters: The analysis — provided first to Axios by the Bloomberg Center for Public Innovation at Johns Hopkins University — gives a sense of the priorities that cities are setting as they figure out how to "build back better" locally.

Americans are super-sizing their holiday travel

Illustration: Sarah Grillo/Axios

Americans are rushing back into holiday travel, and many are taking even longer trips now than they did before the pandemic began.

The big picture: After skipping Thanksgiving and Christmas gatherings last year, many people are eager to maximize this year's celebrations with friends and family. And flexible remote working arrangements make that easier than ever.

Updated 16 hours ago - Sports

The potential GOAT of chess faces intriguing challenger

Illustration: Sarah Grillo/Axios

The World Chess Championship between Norway's Magnus Carlsen and Russia's Ian Nepomniachtchi began on Friday, 1,094 days after Carlsen won his fourth consecutive title.

Why it matters: During the long, COVID-fueled layoff, chess entered a new era, and with the championship finally here, the age-old game is ready for its close-up.