New York City Mayor Eric Adams says his first paycheck on Friday will be converted to bitcoin and ether via Coinbase
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New York City Mayor Eric Adams will receive his first paycheck as the city's top official Friday, and he will convert it into bitcoin and ether through top US crypto exchange Coinbase.
The announcement fulfills the pledge Adams made in November when he said he will take his first three paychecks in bitcoin.
The mayor will be paid in US dollars, which he will then convert into crypto before depositing them into his account. The extra step of converting is due to a labor regulation that does not allow New York City to pay its employees in crypto.
It is unclear why Adams chose bitcoin and ether, nor how they will be taxed. His office has not responded to Insider's request for comment.
«New York is the center of the world, and we want it to be the center of cryptocurrency and other financial innovations,» the mayor said in a statement. «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.»
Adams, a Democrat, has been vocal about wanting to transform New York into a bitcoin hub to compete with Miami for the status of the epicenter of the US crypto community.
He has engaged in some friendly banter with Miami Mayor Francis Suarez, who is also a crypto enthusiast, and announced he would convert his first paychecks into crypto after Suarez he would take one of his paychecks in bitcoin.
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