The mayor of New York City, Eric Adams, has received his first paycheck in bitcoin and ether via Coinbase. “Promise made, promise kept,” the mayor said, referring to his promise to take his first three paychecks in cryptocurrency.
Mayor of New York City Takes Paycheck in Cryptocurrency With the Help of Coinbase
New York City Mayor Eric Adams has made good on his promise about getting paid in bitcoin. In a video he posted on Twitter Thursday, the mayor said:
Promise made, promise kept. Took my first check in bitcoin and ethereum.
“This is a reason to highlight. New York must be the center for innovation and new ideas. I want my young people to thrive in every industry,” the mayor emphasized.
The official website of the city of New York also announced Thursday that Mayor Adams will “receive [his] first paycheck in cryptocurrency.”
The mayor’s first paycheck “will automatically be converted into cryptocurrency via Coinbase … before funds are made available,” the announcement details, adding that “The salary will be converted to ethereum and bitcoin.”
Mayor Adams announced in November last year that he would take his first three paychecks in bitcoin. However, the city 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.
Mayor Adams commented Thursday: “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.”
He also said in November that he wants schools to teach crypto, noting that bitcoin is a new way to pay for goods and services.
Earlier this month, when the price of BTC fell to the $41K level, the mayor said, “Sometimes the best time to buy is when things go down, so when they go back up, you’ve made a good profit.”
Tags in this story
eric adams, eric adams bitcoin, eric adams ether, eric adams ethereum, eric adams paid in crypto, get paid in Bitcoin, get paid in btc, New York City, new york city mayor, NYC, nyc mayor, paid in cryptocurrency, pay me in bitcoin
What do you think about NYC Mayor Eric Adams converting his paycheck into cryptocurrency? Let us know in the comments section below.
Kevin Helms
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
More Popular News
In Case You Missed It
Near Foundation Raises $150 Million to Bolster Web3 Adoption
On Thursday, the Near Foundation announced the project has raised $150 million from strategic investors such as Three-Arrows Capital, a16z, Mechanism Capital, Dragonfly Capital, and Circle Ventures. Following the announcement, the Near protocol’s native crypto asset jumped more than 7% … read more.
Source: https://news.bitcoin.com/nyc-mayor-eric-adams-converts-first-paycheck-to-bitcoin-ether-coinbase/
