NYC Mayor Will Keep His Promise And Convert First Paycheck To Bitcoin And Ethereum

2022-1-22 23:30

New York’s latest mayor Eric Adams has reiterated his promise to take his first paycheck in bitcoin. Adams had made the promise during his election as part of his mission to make New York City the crypto hub of the nation. The mayor had said that he would take his first three paychecks in bitcoin upon his election, which was held in 2020, and as he begins his run as mayor of one of the most popular cities in the world, he starts by keeping his promise to his constituents.

Taking Payment In Bitcoin

Three months ago, when Adams was elected to office, he shocked the space when he offered to take his first three paychecks in bitcoin. This was in response to Miami’s Mayor Francis Suarez, who is known for transforming the city into a crypto hub, announcing that he would be the first American politician to take their first paycheck in crypto. Adams one-upped Suarez by declaring that he would be taking three paychecks in bitcoin.

Related Reading | How US Traders Are Dominating The Bitcoin Market

“In New York, we always go big, so I’m going to take my first THREE paychecks in Bitcoin when I become mayor,” said Adams. “NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!”

BTC continues sharp downtrend | Source: BTCUSD on TradingView.com

As to how the mayor would be receiving his paychecks in bitcoin, he has revealed his plan for this. The U.S. government does not pay any of its employees using crypto, so Adams will be paid directly in dollars. However, the mayor plans to instantly convert his paycheck into bitcoin and ethereum before the money is deposited into his account. The addition of ETH is new and only revealed recently when the mayor discussed his plans for taking paychecks in crypto.

Making New York The Epicenter Of Crypto

Mayor Eric Adams has never been shy when it comes to stating his intentions for the city with regards to crypto. Taking his first three paychecks in bitcoin and ether is only the beginning stages of what he has planned. In a statement posted to the New York City official website, Adams goes into more detail as to what he envisions the city to be when it comes to crypto innovation.

“New York is the center of the world, and we want it to be the center of cryptocurrency and other financial innovations. Being on the forefront of such innovation will help us create jobs, improve our economy, and continue to be a magnet for talent from all over the globe,” the mayor said.

Related Reading | Ethereum May Be Losing Out To Competitors Due To High Gas Fees, Says JPMorgan

NYC’s Chief Technology Officer, Matt Fraser, also weighed in on what the mayor was doing. He expressed that this would help to bridge the digital and financial gap with technology being the great equalizer. “This step taken by the mayor provides a leading example of how we can empower people through tech with a more diverse set of options to manage their finances,” he added.

Mayor Adams has previously expressed his desire for crypto to be freely accessible to residents of the city. The mayor said last year that he believed that schools should begin teaching about the technology behind the crypto space so as to enable young minds to learn about them.

Featured image from City & State, chart from TradingView.com

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