New York City Mayor Adams To Receive His First Paycheck In BTC And ETH
Today 21 January, Coinbase will automatically convert NYC Mayor Adam’s paycheck to Bitcoin (BTC) and Ethereum (ETH) – as he promised.
The newly elected mayor of New York City, Eric Adams, is not falling short on his promise to receive his first paycheck in Bitcoin. Some of his salary will be converted to Ethereum (ETH) – the second-largest cryptocurrency.
The City of New York confirmed the payment decision from its official site, saying that the Mayor Adams’ paycheck will automatically be converted into Bitcoin and Ethereum through Coinbase, when it’s paid out later today.
In November, Miami Mayor Francis Suarez was the first US mayor to make a promise to accept one of his paychecks in Bitcoin. In an attempt to one-up him, Mayor Adams promised that he would accept his first three paychecks in Bitcoin upon assuming office. Adams said:
“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.”
According to the announcement Coinbase will facilitate the cryptocurrency conversion. In September, the exchange launched a service to allow anyone’s income to automatically be converted into any crypto on their list.
New York City by law cannot pay its employees in cryptocurrency, due to Department of Labour regulations, so Coinbase conversion service becomes handy.
In a similar fashion, Mayor Suarez utilized Strike, the custodial Bitcoin wallet specializing in remittance payments, to receive his Bitcoin paycheck.
ETH in the mix
While a Bitcoin paycheck was largely anticipated, Adams made little mention about being paid in Ethereum until today. This reflects his interest in the broader crypto sphere as a technological revolution, rather than just Bitcoin. In November, he called for children to learn about blockchain and “the underlying technology of cryptocurrencies” in school.
Miami’s Mayor is more specifically focused on Bitcoin, especially for its non-inflationary properties. He called it “the most verifiable and most trustworthy network out there.”
