Eric Adams the Mayor of NYC who stated in November that he will be receiving his first three paychecks in cryptocurrency has kept to his promise by taking his first paycheck in Bitcoin and Ethereum.
Mayor of New York City Eric Adams has delivered on his vow to be compensated in bitcoin. The mayor remarked in a video he shared on Twitter on Thursday:
Promise made, promise kept. Took my first check in bitcoin and ethereum.
“There’s a reason to call attention to this. Fresh York must be the epicentre of new ideas and innovation. “I want my young people to succeed in every industry,” said the mayor.
Mayor Adams will “get [his] first payment in cryptocurrency,” according to the city of New York’s official website.
“The wage will be converted to Ethereum and Bitcoin,” the release says, adding that “the first paycheck will automatically be converted into cryptocurrency via Coinbase… before funds are made available.”
Mayor Adams declared in November of last year that he would accept bitcoin as payment for his first three paychecks. The city, on the other hand, explained:
Due to U.S. Department of Labor regulations, New York City cannot pay employees in cryptocurrency. By using a cryptocurrency exchange, anyone paid in U.S. dollars can have funds converted into cryptocurrency before funds are deposited into their account.
The Mayor’s view on crypto for NYC
“New York is the centre of the world, and we want it to be the hub of cryptocurrency and other financial advances,” Mayor Adams said on Thursday. Being at the vanguard of such innovation will help us create jobs, strengthen our economy, and maintain our status as a global talent magnet.“
In November, he stated that he wanted crypto to be taught in schools, stressing that bitcoin offers a new way to pay for products and services.
“Sometimes the ideal moment to buy is when things go down, so when they go back up, you’ve earned a decent profit,” the mayor noted earlier this month when the price of BTC plunged to $41K.
