NYC Mayor To Get Paycheck In Crypto• January 20, 2022 1:27 pm • Comments
New York City mayor Eric Adams will be getting his first paycheck in cryptocurrency which will include both Bitcoin and Ethereum.
The mayor had also recently announced that he plans to have his first three paychecks to be in crypto as a broad statement to the rest of the country that he wants to make the city a financial hub for all blockchain and crypto development.
NYC Mayor Eric Adams is not the first one to think about this initiative as Miami mayor Francis Suarez had also previously intended to take paychecks in the form of crypto.
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The conversion to crypto was performed by Coinbase Global which is a well-known exchange in the United States that allows for the buying and selling of cryptocurrencies.
As a result, there is hopes that this would serve as an example to convince more people to consider different options when managing their finances and to also embrace the new emerging technology that could transform industries in the city.
Part of his promise to take the first 3 paychecks this way to help make NYC a crypto leader https://t.co/n5dTjlzVlu
— Milena Rodban (@MilenaRodban) January 20, 2022
Adams will convert his first paycheck, which he will receive Friday, to cryptocurrencies Ethereum and Bitcoin, the mayor said.
“New York is the center of the world, and we want it to be the center of cryptocurrency and other financial innovations,” he said in a prepared 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.”
Big Apple mayors draw a salary of $258,750 a year, meaning the mayor would be converting roughly $5,900 to the pair of cryptocurrencies on a biweekly paycheck based on average tax withholding.
That check converts to either .14 Bitcoin or 1.82 Ethereum based on Thursday’s exchange rate. The mayor did not say how he was splitting the check between the two.
The mayor had also previously mentioned that there were talks about blockchain and crypto has part of part of school curriculum as the industry is labeled as a new way to pay for services and goods.
The NYC mayor is not the first public figure to announce talking compensation in the form of cryptocurrencies as their has been a long list of people who have decided to do this in recent years as well.
For example, Los Angeles Rams football player Odell Beckham, Jr. has previously stated that he would be taking part of his salary in bitcoin as well as Green Bay Packers quarterback Aaron Rodgers.
Typically, these moves are part of an initiative to help introduce the concept of blockchain and crypto to their respective audiences and provides a way to get more publicity.
There is still a lot of skepticism however as many people unfamiliar with the industry have observed the volatile price swings of the popular currencies like Ethereum.
As of right now, federal and local laws in New York actually prohibit NYC to pay its employees in crypto which means that the mayor had to take his paycheck first and then convert it to crypto using Coinbase’s services before it actually got deposited into his account.
As there continues to be more publicity regarding the industry and more regulations are created to accommodate it, there be be increasing acceptance for more and more employees to opt for crypto as part of their salaries in the future.
INBOX: @NYCMayor just got his first paycheck in crypto
Per the Law Dept, the City Charter provides for a dollar-based salary but it's being converted pic.twitter.com/OxF7HoRn0I
— katie honan (@katie_honan) January 20, 2022
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