Mayor of New York Received His First Paycheck in Cryptocurrencies

medium.com4m ago

Though cryptocurrency market saw another dip, mayor of NYC has still fulfilled his vow — receiving his first paycheck in Bitcoin and Ethereum.

On January 21st, Adams received his first paycheck, which was converted to Bitcoin and Ethereum through Coinbase, proportion hasn’t been disclosed. Though federal labor rules bar the city from paying employees in cryptocurrency, any worker paid in U.S. dollars can use an exchange to buy cryptocurrency.

Previously on November 4th 2021 (when Bitcoin was at $61,000), Francis Suarez, the mayor of Miami, claimed on Twitter that his next paycheck would be “100% in Bitcoin”. Adams responded to that saying “I’m going to take my first THREE paychecks in Bitcoin when I become mayor.” Adams will also receive first three mayor paychecks in Bitcoin, in an effort to make New York “the center of cryptocurrency industry.”

The announcement soon drew attention of spectators and cryptocurrency proponents. Some speculated that it will affect other government employees on their decision to take salary in cryptocurrencies.

Adams stated he’s been considering using a similar system as Miami’s “Stacks” which supposedly supports government operation without citizens paying tax.

According to New York Post, Adams receives a $5900 paycheck every two week, and his annual salary is of $258,750. Adams is the second African-American mayor in New York City’s history, he has campaigned on promises to improve infrastructure, public safety and make New York a cryptocurrency leader.

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