New York Mayor Erick Adams Will Receive First Payroll in Crypto

New York City Mayor Eric Adams said Thursday his first paycheck, which arrived Friday, would be automatically converted into cryptocurrency through Coinbase Global Inc.

In the statement, Adams also said his salary would be converted to Ethereum and Bitcoin, the Mayor previously said he would receive his first three salaries in Bitcoin and signaled his intention to make his city the center of the cryptocurrency industry.

“New York is the center of the world, and we want it to be the center of cryptocurrency and other financial innovations,” Adams said in a statement some time ago, as quoted from Yahoo Finance, written Sunday (22/1/2022).

Coinbase Global operates an exchange that allows people to buy and sell cryptocurrencies. Despite their increasing popularity among retail and professional investors, cryptocurrencies, including Bitcoin and Ethereum, have struggled with frequent fluctuations in value.

Both Bitcoin and Ethereum hit record highs last November. However, these values ​​plummeted towards the new year. On January 10, Bitcoin was down more than 5 percent, falling below the $40,000 level for the first time since September.

Following his election last November, Adams also suggested that New York schools teach courses on cryptocurrencies and blockchain technology.

“One of the reasons Adams turned his first salary into cryptocurrency was to provide a prime example of how New York City can empower people through technology with a more diverse set of options for managing their finances,” said New York City Chief Technology Officer Matt Fraser in a statement. .

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While Adams has yet to propose a specific policy that would make New York a cryptocurrency hub, digital asset enthusiasts say his embrace of Bitcoin could attract more digital asset startups to New York.