Eric Adams – newly elected mayor of New York City – is following through on his promise to receive his first paycheck in Bitcoin. Some of his salary will even be converted to Ether – the second-largest cryptocurrency.
The Paycheck Promise
The City of New York confirmed the payment decision from its official site earlier today. The Mayor’s paycheck will automatically be converted into Bitcoin and Ethereum when he receives it tomorrow.
In November, Miami Mayor Francis Suarez told Bitcoin Podcaster Anthony Pompliano that he would 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.
“New York is the center of the world, and we want it to be the center of cryptocurrency and other financial innovations,” said Mayor Adams. “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.”
The mayor will reportedly use Coinbase to facilitate the cryptocurrency conversion. In September, the exchange launched a service to allow anyone’s income to automatically be converted into any popular crypto of choice.
Their service is necessary as New York City cannot pay its employees in cryptocurrency, due to Department of Labour regulations. In a similar fashion, Mayor Suarez utilized Strike – the custodial Bitcoin wallet specializing in remittance payments – to receive his Bitcoin paycheck.
Paid In Ether?
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.
By contrast, 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”, and even pitched it as a tool for eradicating communism worldwide.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 25% off trading fees.
Credit: Source link