NYC Mayor Eric Adams stated that he wants to convert his first paycheck to Bitcoin and Ethereum via Coinbase exchange. Adams also noted he’d turn New York into a crypto-friendly hub.
Eric’s First Paycheck Arrives on Friday
As the Mayor’s first paycheck arrives on Friday, Coinbase, one of the largest US exchanges, will handle the conversion via its direct deposit feature. This feature allows eligible users to automatically convert a portion or entirety of their salary into cryptocurrencies.
Adams additionally promised that he would take his first three paychecks in Bitcoin. He also welcomed the development of the NYC Coin, intending to make New York a more crypto-friendly city.
While the Mayor’s office declined to reveal how long Adams will hold the digital assets, it confirmed that the entire paycheck of $9,924.66 will be deposited into a Coinbase account.
President and co-founder of Anchorage Digital, Diogo Monica, stated that the NYC mayor’s willingness to accept digital assets is a positive sign. It shows that the financial capital of the world is open to these innovations.
However, Adams can’t do much for cryptocurrencies, even in the Mayor position. New York businesses are subject to strict regulatory regimes, which Adams has no power over. For example, Adams stated that the city still can’t pay employees in crypto.
Regardless, Adams noted that he aspires to make New York the center of cryptocurrency and other financial innovations.